Ronin Network recovered around $10 million digital assets from an MEV exploit that occurred early on Aug. 6,
Whitehats are a white-hatted group, according to X. returned Around 4,000 EthereumETH() was taken from Axie Infinity’s Ronin Bridge using a MEV or Maximum Extractable Value bug.
The MEV is the maximum amount of value that miners and validators could extract by ordering transactions without permission. This concept can also be called an “invisible tax” Crypto community members are very concerned about the amount of data that is collected on chains by highly sophisticated players.
Ronin Network announced that whitehats returning funds will receive a reward of $500,000 as a bug bounty. Web3 pays ethical hackers to find security loopholes. It also rewards security experts for stress testing decentralized financial protocols.
The project audits its bridge to avoid similar future incidents and will implement a system for the cross-chain terminal.
“We aim to shift operation of the bridge away from the current structure. We will be working with the Ronin validators to onboard a new solution and will provide updates on this as the work progresses,” The team stated.
Ronin Hacks Previous
Ronin NetworkRON() and its bridge service have seen turbulent times throughout the years. North Korean hacker Lazarus stole $60 million in sidechain funds from March 2022. This event remains one of the biggest crypto hacks ever.
In February 2024 criminals stole $ 9.7 million from Axie Infinity founder Jeff “Jihoz” Zirlin. The cross-chain Bridge has recovered from its existential crisis. earned Coinbase hopes to get past the uncertain times with a Coinbase list. Binance, a giant in the cryptocurrency world, has also taken action to help support and promote the network. reimburse users.
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Source: crypto.news