Hassan Maishera
The Ronin Network announced via X on Tuesday that the Ronin Bridge was paused following an exploit by whitehat hackers. The hackers withdrew 4K ETH and 2M USDC, ($12M in total), which is the maximum amount of ETH and USDC that can be withdrawn from the bridge for one single transaction withdrawal.
The team later revealed that the attacker had returned the ETH ($10 M) and expect that the USDC would be returned later on. The Bug Bounty Program will reward the white hats with a 500 K bounty.
Ronin Network added that they are currently working on the root cause and the bridge update will undergo intensive audits, before being voted on by the bridge operators for deployment.
Ronin Wallet is the crypto wallet developed for Axie Infinity. It operates on the Ronin blockchain, which works as a sidechain on the Ethereum network. The Ronin network makes it much cheaper to trade and breed Axies and greatly reduces the costs of playing Axie Infinity. RONIN is down by 3% and currently trades at $1.443 per coin.
