If a white hat hacker was responsible for the exploit, the funds might soon be returned to the blockchain.
Popular gaming blockchain Ronin network has suffered a significant exploit, according to blockchain security and data analytics firm PeckShieldAlert. The exploit resulted in the loss of approximately $11 million worth of ETH.
The incident, which occurred on August 6, has raised serious concerns about the security of the Ronin network.
PeckShieldAlert revealed that Ronin was first exploited for over $9 million. Subsequently, another suspicious attack of approximately $2 million was reported.
A closer look at the recent incident revealed that the maximal extractable value (MEV) bot, a software tool used by validators to identify arbitrage opportunities within decentralized finance, executed the transaction.
Since MEV bots automatically execute arbitrage strategies, it is not unusual for them to accidentally take advantage of a vulnerability in a protocol.
White Hat Hacker?
The recent development has raised questions and suspicions about whether a white hat hacker carried out the exploit. A white hat hacker is an individual who uses hacking skills to identify security vulnerabilities in hardware, software, or networks. They are also referred to as ethical hackers.
After discovering a vulnerability and proving the code is bugged, white hat hackers return the stolen funds in some cases. If the Ronin attacker is indeed an ethical hacker, the stolen funds might be securely returned shortly.
It is also not unusual for malicious hackers to return stolen assets. In May, a hacker returned $71 million worth of stolen crypto following a high-profile breach that gained attention and exposed the hacker’s possible IP address.
Meanwhile, this is not the first time Ronin has been exploited. The network lost over $600 million to hackers in March 2022, making it the largest hack in the history of crypto.
Other Blockchain Exploits
The Ronin network is not the only blockchain network that has been exploited recently. For instance, Terra blockchain suffered an exploit that resulted in approximately $5.1 million in losses. This affected ASTRO, the native token of the Terra-based project Astroport.
Another exploit was carried out on the Ethereum network, resulting in a loss of approximately $25 million.
