According to CoinWorld, hackers have returned $10 million in Ethereum (ETH) after exploiting the Ronin (RON) bridge.
As reported by a gaming-focused blockchain X account, the white-hat hackers have returned $10 million worth of ETH to the network and will receive a $500,000 bounty for their actions.
“ETH (approximately $10 million) has been returned, and we expect USDC to be returned later today. We appreciate the vigilance and integrity of the white hats. The bug bounty program will reward the white hats with a $500,000 bounty. This bridge will undergo an audit before reopening. We will provide updates as this audit progresses.
Our goal is to transition the bridge’s operations from its current structure. We will work with Ronin validators to launch new solutions and provide updates as work progresses. We thank the Ronin community and our allies for their support today.”
Ronin Network stated that earlier that day, they were contacted by the “white hats,” who sincerely exploited a potential vulnerability in the bridge.
“After verifying the report, the bridge was paused approximately 40 minutes after the first on-chain action was detected. Participants withdrew about 4,000 ETH and 2 million USDC, valued at approximately $12 million, which is the maximum amount that can be withdrawn in a single transaction of ETH and USDC from the bridge. The bridging limit is a key safeguard for enhancing the security of large fund withdrawals, effectively preventing further exploitation of this vulnerability.”
Ronin noted that the bridge vulnerability was caused by a new update.
“We are developing solutions for the root cause. The bridge update will undergo thorough review and then be voted on for deployment by the bridge operators. We are currently negotiating with actors who appear to be playing the role of white hats and have responded sincerely. Regardless of the outcome of the negotiations, all user funds are secure, and any shortfall will be replenished when the bridge reopens.”
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