Ronin Bridge, a major player in the crypto bridging game, hit a snag on Tuesday. The service was forced to pause operations after a whitehat hack drained $12 million in tokens.
The Ronin Network team sprang into action. They confirmed the issue on social media platform X. The bridge was halted about 40 minutes after the first suspicious on-chain activity was spotted.
The root cause? A botched upgrade. The team explained, "Today's bridge upgrade... introduced an issue leading the bridge to misinterpret the required bridge operators vote threshold to withdraw funds."
The hack siphoned off 4,000 ether (ETH) and $2 million in USDC. At current prices, that's a cool $9.8 million in ETH alone.
But here's the kicker: Ronin's holding onto over $850 million. Co-founder @Psycheout86 reassured users on X, "The bridge currently secures over $850M which is safe."
Ronin's not taking this lying down. They're in talks with the hackers to get the funds back. Fingers crossed, eh?
This isn't Ronin's first rodeo with security issues. Back in 2022, they got whacked with a $625 million exploit. Talk about a rough patch.
For the tech nerds out there, bridges like Ronin are crucial. They let users move tokens between different blockchains. It's like a crypto highway system.
Surprisingly, Ronin's native token, RON, didn't take a hit. It's up 6.1% in the last 24 hours, riding the wave of a broader market rise.
The crypto world's watching closely. Will Ronin bounce back? Only time will tell. But one thing's for sure – this incident's a wake-up call for the whole industry.