The Ronin network has supposedly fallen victim to a multi-million dollar exploit. On-chain data pointed out a suspicious $9.8 million outflow from the bridge to an MEV bot.
Amid ‘white hat’ activity speculations, Aleksander Larsen, the co-founder of Axie Infinity and Ronin Network affirmed,
“The Ronin bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly. The bridge currently secures over $850M which is safe.”
Data from Etherscan pointed out that the transaction took place at 09:37 AM UTC. More than 3,996 ETH tokens were a part of the equation.
Earlier in February this year, two addresses associated with Jeffrey Zirlin, the Co-founder of Sky Mavi, were compromised. Blockchain security and analytics firm Peckshield unveiled that $9.7 million was drained from the addresses.
In June, the government of Norway froze and returned $5.7 million associated with the Ronin Bridge hack to Sky Mavis The Ethereum sidechain suffered an attack in March 2022, where more than $600 million worth of funds in Ethereum [ETH] and USDC were drained.
The aforementioned exploit remains to be the largest attack in DeFi history. More than half of the private keys on the Ronin network were compromised during the exploit, giving the hacker the ability to sanction and execute transactions. That eventually led to funds being drained from the bridge.
Commenting on the latest development, ZachXBT said,
“Axie/Ronin is a cursed project I swear.”
Meanwhile, several other community members underlined the need for thorough security audits to avoid such mishaps going forward.
