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Ronin Network stated that digital assets worth $12 million, siphoned by so-called white hat hackers on August 6, were returned in full the same day. The Ronin team mentioned that they paused the bridge approximately 40 minutes after the first on-chain action was detected. The team also assured users that their funds were “safe and any shortfalls will be re-deposited into the bridge when it reopens.”
Ronin Network Offers Bounty to Hackers
The Ronin Network said the digital assets worth $12 million siphoned earlier on Aug. 6 by white hat hackers were returned. In a statement issued after the hackers initially returned Ethereum (ETH) coins worth $10 million, the Ronin team praised hackers for their vigilance and integrity.
In exchange for agreeing to return the funds, the Ronin team revealed that the hackers would receive $500,000 via its bug bounty program. The return of the funds ended an eventful day that started with reports of another Ronin bridge exploit. In the previous exploit of the bridge, digital assets worth over $600 million were stolen.
While it took about a week for the 2022 attack to be detected, this time the Ronin team said it paused the bridge about 40 minutes after the first on-chain action was spotted.
“The actors withdrew ~4K ETH and 2M USDC, valued at ~$12M, which is the maximum amount of ETH and USDC that can be withdrawn from the bridge for one single transaction withdrawal. The bridge limit serves as a critical safeguard to increase the security of large fund withdrawals, and it effectively prevented further damage in this exploit,” the team said.
At the time, the Ronin team said it had reached out to the hackers and was hopeful that the negotiations would result in a positive outcome. The team also assured users that their funds were “safe and any shortfalls will be re-deposited into the bridge when it opens up.”
Meanwhile, in a statement confirming the return of $10 million worth of ETH, the Ronin team said the “bridge will undergo an audit before it is reopened.” The team also disclosed that it would share a post-mortem of the incident and the steps it would take to prevent a similar attack from happening again.
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