A popular Ethereum blockchain that was the victim of the greatest crypto-heist ever in 2022, suffered a loss of $ 12 million this week, but had the stolen funds returned by ethical hackers.
Ronin Network is a blockchain from Ethereum Virtual Machine (EVM) that is designed for Game developers, owned by Vietnamese company Sky Mavis.
Earlier this week it revealed on X (formerly Twitter) that unauthorized third-party actors withdrew around 4000 Ethereum and two million USD-Munt (USDC), a digital stablecoin linked to the US dollar-a total with a value of approximately $ 12 million. This was the maximum amount of the two cryptocurrencies that could be removed from the bridge in a single transaction, it said.
“Today’s Brugupgrade, after being deployed by the board process, introduced a problem that leads the bridge to incorrectly interpret the voice threshold of the required bridge operators to withdraw funds,” it added. “We are working on a solution for the cause. The bridge update will undergo intensive audits before the bridge operators are voted for implementation.”
Read more about Ronin Network: Ronin Crypto Heist of $ 618 million taken back to North Korea.
The third parties in question, however, were fortunately not motivated by malignant intention.
“We are currently negotiating with the actors, who seem to act like ‘white hats’ and have responded in good faith,” said Ronin Network in the post. “Regardless of the result of the negotiations, all user funds are safe and all deficits are deposited in the bridge when it opens.”
Shortly thereafter, the company confirmed that the funds had been returned and that it had awarded the ethical hackers a premium of $ 500,000.
“The bridge will undergo an audit before it is reopened. We will offer updates if we make progress with this audit,” concluded it. “We want to move the operation of the bridge away from the current structure. We will collaborate with the Ronin validators to give a new solution on board a new solution and will provide updates as the work progresses.”
The generosity of the premium may arise from the fact that Ronin Network suffered a catastrophic loss of funds when Noord -Korean actors 173,600 Ethereum stable (at the time worth $ 592 million) and $ 25.5 million of the blockchain bridge -Tech that makes data and assiva transfers possible.