Ronin Bridge Halted After Whitehat Hack Drains $12M

Ronin Bridge, a major crypto bridging service, halted operations on Tuesday after a whitehat hack drained $12 million in tokens. The team behind Ronin Network confirmed the issue on social media platform X and paused the bridge about 40 minutes after suspicious on-chain activity was spotted.

The root cause of the hack was a botched upgrade that introduced an issue leading to the misinterpretation of the required vote threshold for withdrawing funds. This led to the siphoning off of 4,000 ether (ETH) and $2 million in USDC, valued at around $9.8 million in ETH alone.

Ronin's team is holding onto over $850 million, which they claim is safe. Co-founder @Psycheout86 reassured users that the bridge currently secures 'over $850M which is safe.'

The incident is not Ronin's first rodeo with security issues; in 2022, they experienced a $625 million exploit. The company is now in talks with the hackers to recover the stolen funds.