In a recent cyberattack, hackers breached the Ronin Bridge, an Ethereum sidechain designed for the popular play-to-earn game Axie Infinity. The breach led to the loss of 3,996 Ethereum (ETH), worth approximately $9.33 million.Â
Players rely on the Ronin Bridge to move assets between the Ronin chain and the Ethereum network.Â
Ronin Bridge Compromised for $9 MillionÂ
On-chain analytics firm PeckShield confirmed the hack. Axie Infinity’s co-founder, Aleksander Leonard Larsen, stated that they have halted operations for investigations. Reports from whitehat hackers suggest a potential Maximal Extractable Value (MEV) exploit.Â
Whitehat hackers are cybersecurity experts who ethically identify vulnerabilities in blockchain platforms and crypto wallets. They aim to help improve security in the crypto space.Â
This isn’t the first time the Ronin Bridge has been compromised. In 2022, hackers stole $600 million after accessing private keys to the network’s validator nodes. Five validator nodes were compromised, enough to approve transactions. In response, developers raised $150 million to reimburse affected users and temporarily shut down the bridge.Â
These incidents have raised concerns about the network’s governance, as the Ronin Bridge lacks decentralization, with the team serving as the only validators. Despite the attack, the price of the Axie Infinity (AXS) token rose by 9%, benefiting from the broader market recovery.Â
