Ronin Receives $10 Million in Stolen Funds from White Hat Hacker
CryptoNewsTerminal Staff06 Aug, 2024
Ronin Receives $10 Million in Stolen Funds from White Hat Hacker
White Hat Hacker Returns Part of Stolen Funds to Ronin Ronin Network, the Ethereum sidechain dedicated to play-to-earn (P2E) games, has received $10 million worth of stolen ETH back from a white hat hacker. The network expects to receive the remaining stolen USDC later today. According to an official announcement on Ronin's Twitter account, the white hat hacker will be paid a $500,000 bounty through the network's bug bounty program. A full audit will also be completed before re-enabling the bridge. Ronin previously stated that it received a report from the white hat hacker about a potential exploit in the Ronin bridge, which was paused about 40 minutes later. The attacker drained most of the funds, with a maximum withdrawal limit of $120 million (4,000 ETH and 2 million USDC). The network expressed gratitude to the white hat hacker and emphasized its commitment to security.
