Ronin Bridge Hacked For $9M, Axie Infinity (AXS) Token Price Moves Up

Ronin Bridge, an Ethereum sidechain built for the popular play-to-earn non-fungible token game Axie Infinity, has been hacked.

Ronin Bridge, an Ethereum sidechain designed for the popular play-to-earn non-fungible token game Axie Infinity, has once again fallen victim to a hack. This latest breach has resulted in the loss of 3,996 Ethereum (ETH), valued at approximately $9.33 million.

Players utilize the Ronin Bridge to seamlessly transfer assets between the Ronin chain and the Ethereum network.

On-chain sleuth PeckShield brought the breach to light, while Axie Infinity co-founder and chair Aleksander Leonard Larsen announced the halting of operations. This pause will facilitate investigations following reports from whitehats regarding a potential Maximal Extractable Value (MEV) exploit.

"The Ronin Network Bridge has been paused while we investigate a report from whitehats about a potential MEV exploit," Larsen stated. "We will follow up with more information shortly. The bridge currently secures over $850 million which is safe."

Whitehat hackers in the crypto realm typically comprise individuals or organizations who leverage their cybersecurity expertise for ethical endeavors. They identify vulnerabilities in blockchain platforms, smart contracts, and crypto wallets to bolster their security.

However, this marks the second instance of the Ronin Bridge being hacked.

In 2022, the Ethereum sidechain encountered a $600 million attack after hackers gained access to private keys for its validator nodes. This incident culminated in the compromise of five validator nodes, enabling them to approve a transaction.

At the time, project developers managed to raise $150 million to compensate affected users. Subsequently, they closed the Ronin Bridge before reopening it several months later.

"Axie/Ronin is a cursed project I swear -Ronin bridge $600 million hack March 2022

-Axie/Ronin co-founder $9.7 million hack February 2024

-Now this bridge incident," ZachXBT noted.

These repeated attacks have sparked concerns regarding the network's governance. Notably, the Ronin Bridge is not decentralized, with the team acting as the sole validators and bridge to their own chain. The network has not yet responded to BeInCrypto's request for comment.

Despite the attack, the Axie Infinity (AXS) token has experienced a 9% increase, aligning with the broader market uptick.

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