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40 minutes that shook the crypto industry.
On August 6, the Ronin Bridge service was temporarily suspended after white hackers removed $12 million worth of tokens from the platform.
Ronin Network management said that in the early morning they were notified of a possible vulnerability in the system. After checking the messages, the bridge was suspended approximately 40 minutes after the first signs of suspicious activity were detected. An error occurred while updating the bridge, which led to an incorrect interpretation of the required threshold of votes of bridge operators required for withdrawal of funds.
As a result of the incident, 4,000 ETH (about $9.8 million) and $2 million worth of USDC tokens were withdrawn from the platform. Ronin Network developers are currently negotiating with hackers to return the stolen funds.
White hackers are specialists who attack or exploit software in order to identify and eliminate vulnerabilities before real attackers can take advantage of them. Bridges, in turn, are tools for transferring tokens between different blockchains, where they were not initially supported.
It is worth noting that this is not the first major incident involving the Ronin Network. In 2022, the network suffered a massive breach when a hacker used stolen private keys to fake withdrawals, resulting in a loss of $625 million. The case was one of the largest in the history of decentralized finance (DeFi).
PriceRON
Despite the current incident, RON tokens from the Ronin Network showed an increase of 6.1% over the past 24 hours against the background of a general upturn in the market and remained virtually unchanged after the announcement of the hack.
Source
On August 6, the Ronin Bridge service was temporarily suspended after white hackers removed $12 million worth of tokens from the platform.
Ronin Network management said that in the early morning they were notified of a possible vulnerability in the system. After checking the messages, the bridge was suspended approximately 40 minutes after the first signs of suspicious activity were detected. An error occurred while updating the bridge, which led to an incorrect interpretation of the required threshold of votes of bridge operators required for withdrawal of funds.
As a result of the incident, 4,000 ETH (about $9.8 million) and $2 million worth of USDC tokens were withdrawn from the platform. Ronin Network developers are currently negotiating with hackers to return the stolen funds.
White hackers are specialists who attack or exploit software in order to identify and eliminate vulnerabilities before real attackers can take advantage of them. Bridges, in turn, are tools for transferring tokens between different blockchains, where they were not initially supported.
It is worth noting that this is not the first major incident involving the Ronin Network. In 2022, the network suffered a massive breach when a hacker used stolen private keys to fake withdrawals, resulting in a loss of $625 million. The case was one of the largest in the history of decentralized finance (DeFi).
PriceRON
Despite the current incident, RON tokens from the Ronin Network showed an increase of 6.1% over the past 24 hours against the background of a general upturn in the market and remained virtually unchanged after the announcement of the hack.
Source
