Comprehensive Audit and Operational Overhaul Planned for Ronin Bridge After Exploit

Following a potential exploit on the Ronin Bridge, important events have occurred in the Ronin Network. According to a recent release, the network

A potential exploit on the Ronin Bridge has led to several key developments within the Ronin Network, according to a recent update. The network has successfully recovered approximately $10 million in ETH, while the USDC is expected to be returned later.

The network expressed gratitude to the white-hat hackers for their alertness and integrity, confirming that these ethical hackers will be rewarded with $500K under the Bug Bounty Program.

"Update:

The ETH (~$10 M) has been returned and we expect that the USDC will be returned later today. We thank the white hats for their vigilance and integrity. The Bug Bounty Program will reward the white hats with a 500 K bounty.

The bridge will undergo an audit before it is…", said Ronin in a recent tweet.

Ronin Bridge to Undergo Comprehensive Audit, Operational Overhaul Planned

Following the exploit, the Ronin Bridge will be subjected to a thorough audit before being reopened to ensure that optimal security standards are met. Regular updates will be provided as the audit progresses.

Furthermore, Ronin will be shifting the bridge's operation away from its current structure, working with Ronin validators to implement a new solution. As the project advances, we will continue to share updates.

Initially, white-hat hackers alerted the Ronin team to a potential exploit. Upon reviewing the reports, the bridge was paused for about 40 minutes after the initial on-chain activity was observed. The exploit saw the withdrawal of approximately 4,000 ETH and 2 million USDC, amounting to around $12 million.

However, it is important to note that this is the maximum amount that can be withdrawn in a single transaction, thanks to the bridge's limit—a crucial safeguard to enhance security for large money withdrawals. This limit essentially prevented any further damage during the exploit.

The aftermath of the exploit saw RON, the native token of Ronin, trading around $1.44 at the time of writing, showing a 1.24% decrease over the last 24 hours and a daily trading volume of $23.27 million.

On the other hand, some promising developments have been emerging within the Ronin Network. As CNF reported late in July, there was a massive 93% increase in daily active addresses (DAA), adding 1,422,651 new wallets in 14 days.

Pixel led the growth with 766.3K new wallets, followed by Lumiterra and Wild Forest. This rapid growth positioned Ronin as the most popular blockchain, boasting 2.05 million DAA in just two weeks.

Moreover, it was previously reported that the network had crossed 205 million RON staked, with over 290,000 delegators joining the network. This participation enhances the network's security and also rewards both validators and delegators, creating a stable and secure environment for the Ronin Network.