Ronin Network has recovered approximately $10 million of digital assets that were lost early in the morning on August 6 due to a MEV exploit.
Whitehats are a white-hatted group, according to X. returned Around 4,000 EthereumETH() was taken from Axie Infinity’s Ronin Bridge using a MEV or Maximum Extractable Value bug.
The MEV is the maximum amount of value that miners and validators could extract by ordering transactions without permission. Sometimes the concept is called an “invisible tax” Crypto community members are very concerned about the amount of data that is collected on chains by highly sophisticated players.
Ronin Network stated that the bug bounty would be $500,000 for whitehats. Web3 pays ethical hackers to find security loopholes. It also rewards security experts for stress testing decentralized financial protocols.
In order to prevent future incidents of this nature, the project is auditing its bridge. It will also implement a brand new system on its terminal for cross-chain transactions.
“We aim to shift operation of the bridge away from the current structure. We will be working with the Ronin validators to onboard a new solution and will provide updates on this as the work progresses,” “The team” said.
Ronin hacks – Previous Ronin
Ronin NetworkRONOver the past few years, ) has experienced turbulent times. North Korean hacker Lazarus stole 600 million dollars from the sidechain in March 2022. This event remains one of the biggest crypto hacks ever.
In February 20, 2024, thieves stole $9.7 Million from Axie Infinity’s co-founder Jeff “Jihoz” Zirlin. Cross-chain bridge recovered from the existential disasters. earned Coinbase’s listing is a step towards moving past these uncertain times. Binance and other giants have also supported the network. reimburse users.
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Source: crypto.news
