Ronin Network Under Investigation After $9.33M Suspected Hack

Ronin Network is investigating a suspected $9.33 million hack, with uncertainty over whether it involves white hat or malicious hackers. The Ronin Network previously suffered a $610 million breach in March 2022, with some funds later recovered.

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Meghna Chowdhury
Meghna Chowdhury
Meghna is a Journalism graduate with specialisation in Print Journalism. She is currently pursuing a Master's Degree in journalism and mass communication. With over 3.5 years of experience in the Web3 and cryptocurrency space, she is working as a Senior Crypto Journalist for UnoCrypto. She is dedicated to delivering quality journalism and informative insights in her field. Apart from business and finance articles, horror is her favourite genre.

PeckShieldAlert has reported a potential breach of the Ronin blockchain game, involving an estimated $9.33 million. The exact nature of the attack remains unclear, with uncertainty about whether it was conducted by white hat hackers or malicious actors.

The Axie Infinity sidechain, Ronin Network, experienced a serious security compromise earlier in March 2022 PeckSheild also mentioned. At that point, hackers took approximately $610 million in stolen funds, comprising 173,600 ETH and 25.5 million USDC. The $5.7 million in stolen assets was successfully frozen and returned by the Norwegian National Economic and Environmental Crime Investigation and Prosecution Authority in June 2023.

Is it a White Hacker Condition?

To improve security, white hat hackers frequently find and address flaws in blockchain systems and cryptocurrency wallets. As long as they conduct themselves morally, their duties include disclosing flaws and restoring money that has been taken.

It is not Ronin Bridge’s first security breach, as this latest incident shows. Once vulnerabilities are fixed, it’s feasible that the money that was taken in the present attack will be refunded if ethical hackers were behind it.

The community has been reassured by Ronin Network’s co-founder that an inquiry is in progress. They have committed to disclosing more information when it becomes available.

During these kinds of emergencies, transparency is crucial to preserving user confidence. The co-founder stressed that the assets covered by the bridge continue to be safeguarded while the inquiry is ongoing.

The Community is waiting for further Updates

Market analysts have surmised that the attack may be connected to white hat activity, which is the process by which ethical hackers find and report vulnerabilities, as the investigation into the Ronin hack moves on. Though no formal confirmation has been given, recent remarks from industry leaders raise the possibility of an MEV vulnerability, suggesting that white hats may not have carried out the attack.

A vital component of the ecosystem, the Ronin Network bridge allows smooth transactions between various blockchains. Considering its significance, any potential exploit presents a serious risk to users as well as the larger blockchain community that depends on Ronin’s infrastructure.

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