Ronin Network recovered nearly $10 million in digital assets lost due to the MEV exploit as early as August 6.
According to X’s post, white hats is back Around 4,000 Ethereum (ETH) were stolen from Axie Infinity’s Ronin Bridge via a Maximum Extractable Value, or MEV, bug.
MEV refers to the maximum value that miners or verifiers can extract from transactions that are not permissioned. This concept is sometimes called the “invisible tax” collected by sophisticated on-chain actors and is widely discussed within the crypto community.
Ronin Network said hackers who returned the funds would receive a $500,000 bounty for finding the vulnerability. Paying ethical hackers to find vulnerabilities is common in Web3, encouraging security experts to earn money by testing decentralized finance protocols.
To avoid similar incidents in the future, the project will review its bridge and implement a new cross-chain transaction terminal system.
“We aim to shift the bridge’s operation away from the current structure. We will work with Ronin investigators to develop a new solution and will provide updates on this as work progresses,” the team said.
Ronin’s previous breakthroughs
The Ronin (RON) network and its interconnection service have had a rough time over the years. In March 2022, North Korean hacker group Lazarus stole $600 million from the sidechain. The event is still considered one of the largest cryptocurrency hacks in history.
In February 2024, criminals stole $9.7 million from Axie Infinity co-founder Jeff “JHughes” Zierlin. However, the cross-chain bridge has recovered from the existential disaster, secured a Coinbase listing, and hopes to weather the uncertain times. Giants like Binance have also stepped in to support the network and help compensate users.
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