Ethereum

Ronin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-return-stolen-funds-to-ronin-network/" data-wpel-link="internal">Hackers Return Stolen Funds to Ronin Network</a><br></p>
<p style="text-align: justify">It is known that hacking incidents in cryptocurrencies can have significant impacts on the market, causing substantial damage to both networks and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. One such incident occurred on the Ronin network recently, but it appears to have been resolved for now.</p> 
<h2 style="text-align: justify" id="hackers-returned-the-funds">Hackers Returned the Funds</h2> 
<p style="text-align: justify">According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> provided by Etherscan, nearly all the funds withdrawn by a Maximum Extractable Value (MEV) bot from the Ronin network bridge on August 6 were returned. This also suggests that the bot might have unknowingly prevented the attack. The returned ETH was valued at over $10 million at the time.</p> 
<p style="text-align: justify">The bot reportedly returned the funds at 15:04 UTC. While a total of 3,991 ETH was returned to the Ronin team, 5 ETH remained unreturned. The Ronin team announced the return via X and mentioned that the bot’s owner received a $500,000 reward for uncovering the exploit.</p> 
<p style="text-align: justify">The team stated that the bridge would only be reopened after the security vulnerability was patched and an audit was conducted.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-377516" src="https://coin-turk.com/wp-content/uploads/2024/08/mev-coin-turk-com.png" alt="" width="479" height="462"></p> 
<p style="text-align: justify">Briefly, MEV bots are known to be programmed to copy transactions. If this is profitable, it results in higher gas fees. Consequently, protocols can be exploited unintentionally.</p> 
<p style="text-align: justify">For example, if an attacker targets a network but does not incur sufficiently high gas fees, an MEV bot can automatically copy the attack and seize a protocol’s funds. In such cases, the bot’s owner can generally return the funds, as seen in this incident.</p> 
<p style="text-align: justify">After the Ronin incident, the recovered funds were valued at $9.8 million. However, following this period, the price of ETH increased, and the returned funds were valued at over $10 million. Ronin had previously been attacked for over $600 million in March 2022.</p> 
<h2 style="text-align: justify" id="what-is-the-current-price-of-ethereum">What is the Current Price of Ethereum?</h2> 
<p style="text-align: justify">Amidst all these developments, the price of <a href="https://en.coin-turk.com/ethereum-struggles-with-key-resistance-levels/" data-wpel-link="internal">Ethereum</a> continued to rise throughout the day. Following a 4.4% increase in the last 24 hours, Ethereum surpassed the $2,500 level again. Yesterday, the price of ETH had dropped to as low as $2,100.</p> 
<p style="text-align: justify">Ethereum’s market cap once again exceeded $300 billion, while its trading volume saw a 58% decrease, falling to $27.7 billion.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/hackers-return-stolen-funds-to-ronin-network/" data-wpel-link="internal">Hackers Return Stolen Funds to Ronin Network</a></h5>
<p>The post <a href="https://en.coin-turk.com/hackers-return-stolen-funds-to-ronin-network/" data-wpel-link="internal">Hackers Return Stolen Funds to Ronin Network</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Hackers Return Stolen Funds to Ronin Network

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