Ronin Network Recovers $12 Million Stolen by White Hat Hackers
Ronin Network recovers $12 million stolen by white hat hackers, offering a $500,000 bounty. Learn about the incident and the steps taken to ensure user funds are safe.
Bollywood Fever: The Ronin Network announced that digital assets worth $12 million, siphoned by white hat hackers on August 6, were returned in full on the same day. The team paused the bridge approximately 40 minutes after detecting the first on-chain action, assuring users that their funds were secure and any shortfalls would be re-deposited into the bridge once it reopens.
Ronin Network Offers Bounty to Hackers
In a statement following the return of the funds, the Ronin team praised the hackers for their vigilance and integrity. The team revealed that the hackers would receive $500,000 through its bug bounty program as a reward for agreeing to return the assets.
The incident began with reports of another exploit on the Ronin bridge, reminiscent of a previous attack in 2022, where over $600 million worth of digital assets were stolen. Unlike the previous exploit, which took about a week to detect, the Ronin team quickly paused the bridge about 40 minutes after spotting the initial on-chain activity this time.
“The actors withdrew ~4K ETH and 2M USDC, valued at ~$12M, which is the maximum amount of ETH and USDC that can be withdrawn from the bridge for one single transaction withdrawal. The bridge limit serves as a critical safeguard to increase the security of large fund withdrawals, and it effectively prevented further damage in this exploit,” the team stated.
Ensuring Future Security
The Ronin team expressed hope that negotiations with the hackers would lead to a positive outcome and assured users that their funds were safe. The team also committed to re-depositing any shortfalls into the bridge once it reopens.
In a statement confirming the return of $10 million worth of ETH, the Ronin team mentioned that the bridge would undergo an audit before reopening. They also disclosed plans to share a post-mortem of the incident and outline steps to prevent similar attacks in the future.
This incident underscores the importance of rapid response and robust security measures in protecting digital assets and maintaining trust within the blockchain community.
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