Ronin Network Recovers $10M ETH After Security Breach

Ronin Network's Swift Response to Security Breach

The Ronin Network has successfully recovered $10 million worth of Ethereum (ETH) following a recent security breach. The network is also anticipating the return of its stolen US Dollar Coin (USDC) later in the day. To ensure future security, the Ronin Bridge will undergo a comprehensive audit before it is reopened.

Ronin Network Team Update Stolen Funds Recovered

In an update from the Ronin Network team, it was confirmed that the $10 million in ETH stolen during a recent hack has been recovered with the assistance of ethical hackers. These white hat hackers, who reported the vulnerability and helped retrieve the stolen funds, will be rewarded with a $500,000 bounty. The return of the stolen USDC is expected soon.

The Ronin bridge, a critical component allowing asset transfers between Ethereum and the Ronin sidechain, will be thoroughly audited before being reopened to ensure its security. The team is also collaborating with validators to implement a new operational model for the bridge. More details on this process will be provided in the coming days.

The breach occurred due to a flaw in a recent bridge update, which caused the system to misinterpret the required number of votes needed for fund withdrawals. This vulnerability was exploited, resulting in unauthorized operations. According to Adrian Hetman from Immunefi, a blockchain security firm, updates to blockchain bridges often introduce new risks if not properly secured.

The exploit led to the theft of approximately 4000 ETH and $2 million USDC, amounting to a total loss of around $12 million. Fortunately, measures were in place to limit the amount that could be withdrawn, preventing an even larger loss. This incident follows a major hack in March 2022, where the Ronin Network lost $622 million to the notorious Lazarus hacking group.

Despite the breach, the Ronin Network team has reassured users of the bridge's security. They praised the swift response and remediation efforts that helped recover most of the stolen assets. Currently, the Ronin Bridge manages over $850 million in assets, highlighting the importance of stringent security measures.

A comprehensive report detailing the attack and the actions taken to prevent future occurrences will be released next week. This report aims to provide transparency and assure users of the network's commitment to security.

Conclusion

The Ronin Network's recovery of $10 million in ETH and the anticipated return of the stolen USDC mark a significant step in addressing the recent security breach. With a thorough audit planned for the Ronin bridge and a new operational model in the works, the network is taking necessary steps to enhance security and prevent future attacks. The upcoming detailed report will further elucidate the incident and the proactive measures being implemented to safeguard users' assets.

Read More: DJT Memecoin Plummets 95% Amid Market and Controversy