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The crypto bridging service Ronin has been temporarily suspended after a 9 million dollar hack. Despite the incident, co-founder Psycheout86 assured that the bridge, which guarantees over 850 million dollars, is safe.
Let’s see all the details below.
Summary
Security of the crypto Ronin service guaranteed after the hack
As anticipated, the Ronin crypto bridging service has been temporarily suspended after 9 million dollars in tokens were taken from the platform following a presumed hack whitehat.
The co-founder Psycheout86 stated on X the following:
“The bridge @Ronin_Network has been paused while we investigate a whitehats report regarding a potential MEV exploit. The bridge currently protects over 850 million dollars, which is safe.”
The term “whitehat” refers to individuals or entities that attack or exploit software with the intent of identifying security vulnerabilities to solve problems that could be exploited by real attackers.
The bridges like Ronin are tools used to transfer tokens between different blockchain, allowing interoperability between networks that do not natively support these assets.
Despite the incident, the RON tokens of Ronin have maintained their stability, recording a 7.4% increase in the last 24 hours, in line with a broader bull market in crypto. The community has remained vigilant but confident in the security of the funds still protected by the bridge.
The authorities of Ronin have initiated a thorough investigation to understand the nature of the exploit and to ensure that all necessary measures are taken to prevent future attacks.
The proactive and transparent approach of the platform has been appreciated by users and investors, who continue to monitor the situation.
The role of whitehats in blockchain security
Whitehats play a crucial role in the security of the blockchain sector. By identifying and reporting vulnerabilities, they help platforms fix potential flaws before they can be exploited by malicious actors.
The Ronin bridge incident is an example of how these practices can prevent greater damage, despite the temporary bull impact.
The importance of maintaining user trust is fundamental for the long-term sustainability of crypto bridging platforms.
Ronin is working diligently to restore operations of the bridge as soon as possible, while ensuring that all vulnerabilities are resolved.
The recent whitehat hack that affected the Ronin bridge highlights the importance of security in the world of criptovalute.
While the investigation is ongoing, the reassurance from co-founder Psycheout86 about the safety of the funds protected by the bridge has kept the calm among investors.
The rapid and transparent response of Ronin is a positive signal for the future of the platform and for the trust of its users.
The future of the Ronin ecosystem: towards an open infrastructure
Jeff Zirlin, co-founder of Sky Mavis, recently outlined the future prospects of the Ronin ecosystem and the plans to offer a permissionless infrastructure dedicated to game developers.
Ronin has recently surpassed the threshold of 2 million daily active users, thanks to successful titles like Pixels and Lumiterra, according to DappRadar. Zirlin explained the following:
“We have some really exciting gameplay launches in the works, such as the closed beta of Forgotten Runes. This game was developed during the bear market and represents a historical collection on Ethereum. Additionally, we are about to launch Lumitera, a Chinese MMO that will have a beta test this month. Our network hosts numerous games, and there are many playable experiences available on Ronin.”
In addition to the new games, Zirlin emphasized the importance of the launch of zkEVM, a layer-2 blockchain developed with a customized version of the Polygon Chain Development Kit (CDK).
This development will allow Ronin to integrate into the Aggregation Layer of Polygon.
Ronin has been very selective in integrating games into its blockchain infrastructure, a necessary strategy to ensure quality and security during the initial phase of technology adoption.
However, Zirlin emphasized the need to evolve this strategy.
“History shows that a careful approach works at the beginning, but in the long term, a more scalable and open system is necessary. We want to innovate ourselves and create a system that allows anyone to use Ronin.”