Hacker Refunds Ronin after Stealing $10 Million

The backbone of many popular games, Ronin, was recently targeted in a $10 million theft, but the hackers promptly returned the funds to the project.

Hacker Refunds Ronin After Stealing $10 Million

Ronin Network is a renowned blockchain platform in the gaming sector. It serves as the backbone for many popular games like Axie Infinity and Pixels.

Recently, Ronin Network experienced a major security breach. Approximately $9.8 million worth of Ethereum (ETH) was withdrawn from the system in an unusual manner.

Surprisingly, the hacker agreed to return all the stolen funds. So far, they have returned 3,991 ETH, worth around $10 million.

Security experts like PeckShield suggest this might be the work of a “white hat hacker” – individuals who exploit security vulnerabilities to help improve systems, not to cause harm.

Ronin

Causes of the Incident

  • Fault in MEV Bot: The incident involved an MEV (Maximum Extractable Value) bot. These are tools traders use to find profit opportunities in the decentralized finance (DeFi) world.
  • Vulnerability in Update: A recent update from Ronin inadvertently created a vulnerability, allowing withdrawals without the required number of votes.

Related: What is Ronin Network (RON)?

Ronin Network’s Response

  • Thanking the Hacker: The Axie Infinity team publicly thanked the hacker for safeguarding users’ funds.
  • Reward for Discovery: Ronin rewarded the bot owner $500,000 for discovering the vulnerability.
  • Fixing the Issue: They are working to fix the issue and will thoroughly audit the new update before deployment.

Late last year, the Ronin Bridge was hacked for over $600 million, marking one of the largest crypto heists ever. Cryptocurrency hacks are on the rise. In the first quarter of 2024 alone, $542.7 million was stolen, a 42% increase compared to the same period last year.

5.0/5

(1 vote)

Latest

Azcnews Act Memecoin On Solana Surges Nearly 3000% In A Short Period

News | Altcoin | Editor Choice | Memecoin

ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

Memecoin Act I The AI ​​​​Prophecy has seen a huge price surge of nearly 3000% in the past 7 days, bringing huge profits to investors who believe in this coin.

Azcnews Bitcoin Price Drops After Reaching Ath As Investors Take Profits

News | Bitcoin | Editor Choice

Bitcoin Price Drops After Reaching ATH as Investors Take Profits

Bitcoin rose to a high of $93,000 before correcting to its current price. The decline may have been caused by investors taking profits.

Azcnews Meme Coin Pnut Surges 800% After Binance Listing

News | Altcoin | Editor Choice | Memecoin

Meme Coin PNUT Surges 800% After Binance Listing

A new meme coin called Peanut the Squirrel (PNUT) has seen an impressive growth of over 800% in just a few days after being listed on Binance.

Join The Giveaway Of 5000 Dogesol On Bingx

News | Airdrops | Editor Choice

Join the Giveaway of 5000 DOGESOL on BingX

To celebrate the listing event of DOGESOL, BingX has announced a reward sharing event offering 5,000 DOGESOL for investors.

.jpg

News | Altcoin | Editor Choice

Solana is Narrowing the Gap with Ethereum Thanks to Meme Coins

Solana is gradually closing the gap with Ethereum as key performance indicators for the network show remarkable growth in 2024.