Ronin Network Bridge Hacked for $12M in ETH and USDC, Marks Another Blow to the Troubled Network

In a significant blow to the Ronin Network, the blockchain bridge has reportedly been hacked. It has resulted in the theft of approximately $12 million in Ethereum (ETH) and USD Coin (USDC).

Blockchain bridge Ronin Network has suffered a hack, leading to the theft of approximately $12 million in Ethereum (ETH) and USD Coin (USDC), as reported by on-chain analytics tracker Peck Shield Alert.

Two suspicious transactions were detected on the Ronin bridge, according to Peck Shield. The first transaction involved the movement of 3,996 ETH, valued at around $9.86 million at press time. The second transaction saw the shifting of nearly 2 million USDC tokens.

These transactions brought the total stolen amount to $12 million, prompting immediate action from the Ronin Network team. The Ronin bridge was swiftly paused to prevent further losses.

Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, addressed the situation on X. He stated, “The Ronin Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly. The bridge currently secures over $850M which is safe.”

The latest breach adds to a series of security incidents that have plagued the Ronin Network. Crypto sleuth ZachXBT highlighted the network’s troubled history, pointing out the $600 million hack in 2022. He also mentioned the breach of Axie Infinity and Ronin Network co-founder Jeff “Jihoz” Zirlin’s wallets, which resulted in a $10 million crypto hack.

As the Ronin bridge hack investigation progresses, some market experts are speculating that the current incident may be a whitehat hack, where ethical hackers identify and report vulnerabilities to help secure the network. However, there has been no official confirmation regarding the nature of the hack. Larsen’s comment seems to indicate an MEV exploit and might reject the involvement of whitehats.

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