Cryptocurrency Hack Rocks Ronin Network in 2024
As uncertainty looms over the cryptocurrency market, yet another hack has been reported, this time affecting the Ronin Network associated with the popular game Axie Infinity. The network suspended its bridge after losing $9.8 million to suspicious transactions, adding to the string of cryptocurrency hacks in 2024.
The Luoning Bridge Attack
On August 6, PeckShield revealed that Ronin Network suffered a loss of 3,996 Ethereum valued at over $9.8 million. The incident occurred around 9:37 AM UTC on Tuesday, raising concerns about security vulnerabilities within crypto gaming platforms that hackers may exploit.
Response from Ronin Network Co-Founder
Aleksander Larsen, also known as “Psycheout,” the co-founder of Axie Infinity and Ronin Network, announced the suspension of the bridge pending investigations into potential MEV vulnerabilities highlighted by white hat hackers. With over $850 million in security at stake, the network is taking swift action to address the breach.
Recurring Security Threats in Ronin Network
The recent hack is not the first time Ronin Network has fallen victim to security breaches. In March 2022, hackers stole $600 million from the network due to vulnerabilities in validator keys, resulting in a significant loss of Ethereum and stablecoin assets. Additionally, in February 2024, Jeffrey Zirlin, co-founder of Sky Mavis, had his wallet hacked, leading to the theft of $9.7 million in ETH.
As the investigation unfolds, the crypto community remains vigilant against such attacks, emphasizing the importance of robust security measures to safeguard digital assets.
