Ethical hackers has helped recover the stolen ETH and Ronin network expects to retrieve the US dollar-tethered stablecoin USDC soon.
A recent security compromise resulted in the theft of around ten million dollars’ worth of Ethereum (ETH), yet the Ronin Network was successful in recovering the stolen cryptocurrency.
Ronin Network Recovers $10M ETH
Currently, the network expects the return of the US dollar-tethered stablecoin USDC later in the day. The Ronin Network team just released an update stating that the ethical hackers made it possible to recover all of the stolen ETH.
At this point in time, the team is waiting for the USDC to return later today. Ronin will reward the white-hat hackers with a bounty of $500,000 for exposing the vulnerability and recovering the stolen funds.
However, the Ronin bridge, which connects Ethereum to the Ronin sidechain and facilitates asset movement between the two blockchains, will undergo an audit prior to its reopening.
This stage checks the bridge for future damage and ensures its security. The Ronin Network team is also developing a new operating architecture for the bridge in collaboration with validators; we will share additional details as the process progresses.
During the early hours of Tuesday morning, ethical hackers reportedly witnessed the breach and determined that it was a “MEV exploit”. This information is derived from the report.
The Ronin Network team confirmed the exploit, citing a recently added vulnerability in the bridge update as its source. Because of this problem, the bridge was unable to recognize the appropriate threshold of votes required to withdraw the cash, resulting in operations that were approved but not authorized.
A representative from Immunefi, a company that specializes in blockchain security, named Adrian Hetman noted that bridge updates of this kind typically come with new vulnerabilities.
Previous attacks on blockchain bridges have shown that inadequate safeguarding can render them vulnerable. In light of this, Hetman emphasized the importance of implementing strict security measures in order to prevent incidents of this nature during the process of undertaking such upgrades.
Ronin Bridge Hack Details
The Ronin Network exploit resulted in the loss of about four thousand ether, two million dollars in cryptocurrency, and other assets equaling $12 million. However, we could mitigate the loss by implementing safeguards that limited the withdrawal amount to a predetermined level.
As a result of the attack on the Ronin bridge that took place in March 2022, which may be considered one of the most significant hacks in the history of cryptocurrencies, the hackers were able to steal $622 million.
An investigation revealed that the Lazarus hacking gang was responsible for carrying out this activity. Despite this, the Ronin network made an effort to reassure users about the bridge’s overall security and praised the swift action and remediation that took place.
The fact that the bridge currently manages assets worth more than $850 million demonstrates the importance of implementing stringent security measures.
Representatives from Ronin Network have announced that they will release a detailed report on the attack the following week. We will provide information about the attack and the measures we are taking to prevent similar attacks in the future in this report.
