Ronin Network breached via bridge flaw, $12M in withdrawn funds returned

Ronin Network has been breached by ethical hackers through a bridge vulnerability resulting in the withdrawal of $12 million worth of cryptocurrency, all of which has already been returned to the gambling blockchain, according to BleepingComputer.

While an investigation into the incident, which has prompted the pause of the Ronin bridge, is still underway, Ronin Network attributed the flaw to a recent bridge update that resulted in the misinterpretation of the fund withdrawal authorization threshold for bridge operators. Aside from undergoing comprehensive checks, the bridge will also leverage a new solution once it resumes operations, noted Ronin Network, which has awarded $500,000 to the ethical hackers who discovered the issue. Such a development comes more than two years after Axie Infinity lost $625 million worth of cryptocurrency as a result of a breach of its Ronin network bridge by North Korean hacking collective Lazarus Group.