USDC

Ronin

<ul><li>Ronin Network suffers another breach with $12M in ETH and USDC stolen, exposing persistent blockchain vulnerabilities.</li><li>Suspicious transactions detected 3996 ETH and 2M USDC moved prompting immediate action from Ronin Network.</li><li>Co-founder Alexander Larsen confirms bridge paused for MEV exploit investigation $850M secured funds safe.</li></ul>The Ronin Network has once again fallen victim to a security breach. Approximately $12 million in Ethereum (ETH) and USD Coin (USDC) was stolen, highlighting ongoing vulnerabilities within the blockchain bridge. In a recent X post, renowned on-chain analytics firm Peck Shield Alert reported two unusual transactions on the Ronin bridge. The first transaction involved 3,996 ETH, valued at roughly $9.86 million. The second transaction saw nearly 2 million USDC tokens being transferred. These transactions raised immediate red flags and prompted a swift response from the Ronin Network.Alexander Larsen, co-founder and COO of Axie Infinity and the Ronin Network, <a href="https://x.com/Psycheout86/status/1820771028420739140" rel="noopener noreferrer nofollow">addressed</a> the situation in a recent X post. He revealed that the Ronin Network bridge has been temporarily paused to investigate a potential Maximal Extractable Value (MEV) exploit, as suggested by whitehat hackers. Despite the breach, Larsen assured that the bridge, which secured over $850 million, remains safe.As the investigation unfolds, some experts speculate that this may be a whitehat hack, where ethical hackers identify and report vulnerabilities to help improve security. However, Larsen’s comments indicate an MEV exploit, dismissing the whitehat theory for now. The exact nature and motive behind the hack remain unclear.<a href="https://cryptotale.org/ronin-network-security-breach-12m-in-eth-and-usdc-stolen/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Ronin Network Security Breach: $12M in ETH and USDC Stolen

CryptoTale

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