Wednesday, August 14, 2024 – Ronin Network, an ETH virtual machine blockchain, was hacked a second time, siphoning off over $11 million from the protocol, the blockchain security firm PeckShield said on X post.
At first, $9.33 million worth of 4000 ETH were transferred to the MEV bot address, and later, MEV bot withdrew nearly $2 million worth of USDC, exchanging it for wrapped ETH (WETH) on Uniswap V3.
The total loss valued at nearly $11.33 million.
Nevertheless, PeckShield is looking into whether the transaction was done either by exploiters or whitehat hackers.
The funds are yet to be returned to the network, reports said.
Ronin Bridge is an app tailored to bridge ERC20 tokens and NFTs between ETH and the Ronin chain.
Ronin Network has stopped its operations to examine the MEV exploit.
Currently, the Ronin Bridge has secured over $850 million, Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, said.
The Ronin Bridge will undergo an audit prior to its reopening.
The structure of the app will be rebuilt, working with its validators and moving forward with a strategic process.
In 2022, a similar attack hit the Ronin network, resulting in a $600 million loss.
