As a seasoned crypto investor with over a decade of experience invaluable experience under-lessons learned lessons learnthearable experience, I mustering years of experience, I find it reassuring that Ronin Network has taken swift action following the August exploit, and I appreciate their commitment to improving security measures. The transition to a specialized bridging solution demonstrates their understanding that focused resources yield better results.
The Ronin Network, a blockchain technology thatwork, which is a blockchain system for the play-to-earn (P2E) ecosystem, has restarted activities on its multi-chain interface after an incident involving a $10 million theft in August
As a researcher, I’ve recently learned that the reactivated the reopened bridge – which was given for the Ethereum Virtual Machine (EVM)-compatible blockchain, enabling users once more to carry out their usual transactions
Transition to Specialized Bridging Solution
The developers of the platform have assured users that no more changes will be made to the code of the bridge’s contract. On the other hand, the network intends to move its operational and maintenance responsibilities to a dedicated bridging system
In one: Here
Recently, cyber thieves took advantage of an opportunity on a bridge,yed a weakness using a Miner Extractable Value (MEV) robot, thus allowing them to purloin more than 3,996 Ethereum (ETH). Luckily, blockchain security agencies spotted the transaction and immediately informed the Ronin protocol about the intrusion
Here’s one way to rephrase your sentence: Ronin acted swiftly, making haste of the bridge to avoid additional exploits, which could have deposited over $850 million in user assets at risk. In short order after the event, speculation arose within the crypto community that the attack may have been a prudent operation, with no intention of actually filching the funds
Ronin Bridge Audited by External Parties
On August 6, Ronin confirmed via X that the stolen funds had been returned, validating earlier speculation. However, the attack exposed vulnerabilities within the bridge that could potentially allow cybercriminals to exploit the platform further.
Ronin declared that the bridge will stay shut till all weak points are fixed and confirmed safe by auditors, ensuring it remains impervious to future cyber-attacks in the future
Today, it has been verified that the Ronin group confirmed that the bridge was thoroughly inspected by two independent companies carried out thorough checks on its security, prior to its reopening
2/ The bridge has undergone 2 audits by external parties, which you can find here:
Use the Ronin Bridge here:
— Ronin (@Ronin_Network) September 4, 2024
A Major Heist in 2022
Since entering the cryptocurrency market, Ronin has been frequently attacked by cybercriminals. In March 2022, the platform experienced a major security breach, with hackers managing to steal more than $600 million in what is considered one of the largest attacks of the year
The cybercriminals took advantage of a shared connection between blockchains, stealing about 173,600 Ether (worth around half a billion dollars) and $25. (around $25 million dollars at the time) in USD Coin, a stable digital currency
During the assault, a group known as the Ronin were protected by nine verifiers. It took just five approvals to allow any transfers in or out of the bridge via these verifiers
As per an autopsy report, it appears that the assailant successfully breached four of Sky Mavis’s Ronin validators and a third-party validator from Axie DAO. By securing access to Sky Mavis’s confidential keys, the intruder carried out unapproved withdrawals
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2024-09-04 14:25