- Ronin Network suspends bridging after $9.8 million attack.
- Preliminary updates suggest this may be a white hat hacker.
Ronin, the gaming blockchain network that powers the Axie Infinity game, has announced it is suspending its bridge.
The announcement on August 6 comes amid a suspected white-hat hacking campaign that resulted in more than $9.8 million being stolen from MEV robots.
Understanding the Ronin Network Suspension
On August 6, Ronin Network made the decision to suspend its bridge after a significant attack that resulted in the theft of $9.8 million. Reports suggest that this attack may have been carried out by a white hat hacker, adding an intriguing twist to the incident.
The vulnerability in Ronin’s system allowed attackers to steal nearly 4,000 Ethereum tokens, causing alarm within the community. The network informed its users about the suspected hacking activities, triggering a cautious response from stakeholders.
In response to the breach, Ronin Network released an update confirming the vulnerability and stating that the bridge suspension is a proactive measure to investigate the security issues thoroughly before resuming operations. The network’s security team is working diligently to provide a detailed report on the incident.
The Impact on Axie Infinity and Market Reaction
The attack on Ronin Network comes at a time when the cryptocurrency market is experiencing heightened volatility. Axie Infinity, the popular gaming platform powered by the network, saw its shares plummet to $3.89 following the incident. However, the market quickly recovered, with AXS trading at $4.41, a sign of resilience in the face of adversity.
Unlike previous breaches that led to significant price drops, traders seemed unfazed by the news of the $9.8 million attack. Initial reports hint that this may have been a white hat hacker’s attempt to expose vulnerabilities rather than a malicious act for personal gain.
If confirmed, the white hat hacker is expected to return the stolen funds once Ronin Network addresses the security flaws, restoring faith in the platform and reaffirming its commitment to protecting user assets.
