Tech
Ronin Network Bridge Suspended After $9 Million Token Drain
Discover the latest news on the Ronin Network Bridge suspension following a staggering $9 million token drain. Dive into the details of the incident, its impact on users, and the measures being taken to enhance security.
Ronin Network Bridge Paused Following $9 Million Token Drain
The Ronin Network, a prominent crypto bridging service, has temporarily halted its operations after a substantial $9 million in tokens was reportedly drained from the platform in what appears to be a whitehat hack. In a recent post on X, co-founder @Psycheout86 stated, “The @Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. The bridge currently secures over $850M, which is safe.”
The term “whitehat” typically refers to ethical hackers who exploit software systems to identify security vulnerabilities. Their goal is to fix issues before they can be targeted by malicious actors. In the crypto space, bridges are crucial tools that facilitate the transfer of tokens between different blockchains that do not natively support those tokens.
Despite the incident, Ronin’s RON tokens remained stable at the time of the report, showing a 7.4% increase in value over the past 24 hours as the broader cryptocurrency market experienced an upswing.