Gaming Blockchain Ronin Falls Victim to $9.8M Security Breach
Gaming Blockchain Ronin Tumbles After $9.8M Security Breach
World-renown blockchain security company Peckshield astonished the people when they reported how the Ronin Network had taken a severe hit from a security breach, whereby 3,996 Ether tokens, valuing at around 9.8 million dollars, were lost. This breach, which was revealed in a Tuesday X post by Peckshield, has caused panic among cryptocurrency enthusiasts.
White Hat Hacker Rumors Have Been Spreading in Connection to Ronin Security Breach
The initial check of Peckshield guessed the participation of a white hat hacker, the kind of hackers whose loyalty is to cyber companies by detecting weaknesses and giving back the stolen assets. Nevertheless, in this case, the assets have not been recovered yet, creating suspicions about the hacker’s real objectives.
MEV Bot – A Liaison to the Breach
What’s most probable is that this breach was caused by a maximal value exchanger (MEV) bot, an automatic tool that blockchain validators use to exploit arbitrage possibilities in DeFi protocols. The MEV bot, whose ID was “0x4ab,” transferred the $9.8 million through the Ronin bridge. A very small amount of the stolen funds, 3.9 Ether, was transferred to a different wallet, which is an indication of a possible ethical motive behind the hack.
Other Breaches in Security and the Roles of White Hats in the Rinse and Repeat Process
It was not the first time that such a phenomenon had occurred. In July, an MEV bot made use of Rho Markets and managed to get $7.6 million, afterwards all the funds got rescued within one week. Another occasion in May witnessed an attacker who returned $71 million worth of wrapped Bitcoin (WBTC) after public and investigative scrutiny, helped by an on-chain security firm’s report.
Broader Trend of Crypto Hacks
One trend to note exemplified by the Ronin security breach is the increase of security problems in the cryptocurrency field. In July only, roughly $266 million disappeared due to crypto hacks which is a significant loss of over $230 million by the Indian exchange WazirX. This indicates the need for more solid security measures in the blockchain industry to a more intense degree than before.
While investigations are ongoing, the cryptocurrency community is still on the lookout and is expecting the situation to be resolved and for the stolen assets to be brought back.
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Gaming Blockchain Ronin Falls Victim to $9.8M Security Breach
Gaming Blockchain Ronin Tumbles After $9.8M Security Breach
World-renown blockchain security company Peckshield astonished the people when they reported how the Ronin Network had taken a severe hit from a security breach, whereby 3,996 Ether tokens, valuing at around 9.8 million dollars, were lost. This breach, which was revealed in a Tuesday X post by Peckshield, has caused panic among cryptocurrency enthusiasts.
White Hat Hacker Rumors Have Been Spreading in Connection to Ronin Security Breach
The initial check of Peckshield guessed the participation of a white hat hacker, the kind of hackers whose loyalty is to cyber companies by detecting weaknesses and giving back the stolen assets. Nevertheless, in this case, the assets have not been recovered yet, creating suspicions about the hacker’s real objectives.
MEV Bot – A Liaison to the Breach
What’s most probable is that this breach was caused by a maximal value exchanger (MEV) bot, an automatic tool that blockchain validators use to exploit arbitrage possibilities in DeFi protocols. The MEV bot, whose ID was “0x4ab,” transferred the $9.8 million through the Ronin bridge. A very small amount of the stolen funds, 3.9 Ether, was transferred to a different wallet, which is an indication of a possible ethical motive behind the hack.
Other Breaches in Security and the Roles of White Hats in the Rinse and Repeat Process
It was not the first time that such a phenomenon had occurred. In July, an MEV bot made use of Rho Markets and managed to get $7.6 million, afterwards all the funds got rescued within one week. Another occasion in May witnessed an attacker who returned $71 million worth of wrapped Bitcoin (WBTC) after public and investigative scrutiny, helped by an on-chain security firm’s report.
Broader Trend of Crypto Hacks
One trend to note exemplified by the Ronin security breach is the increase of security problems in the cryptocurrency field. In July only, roughly $266 million disappeared due to crypto hacks which is a significant loss of over $230 million by the Indian exchange WazirX. This indicates the need for more solid security measures in the blockchain industry to a more intense degree than before.
While investigations are ongoing, the cryptocurrency community is still on the lookout and is expecting the situation to be resolved and for the stolen assets to be brought back.
Read More
Crossover Markets Targets U.S. Expansion as Trump’s Crypto Pivot Gains Momentum