The Ronin Bridge hackers have returned the stolen Ethereum (ETH) worth around $10 million. As part of the network’s Bug Bounty Program, these whitehat hackers will receive a bounty of $500,000.Â
Hacking incidents are common in the crypto industry, with bad actors often exploiting system weaknesses.Â
$10 Million ETH ReturnedÂ
The Ronin network announced that approximately $10 million in stolen ETH was returned on Tuesday. Although $2 million worth of USDC stablecoin is still missing, the network has rewarded the hackers’ good faith with a bounty of up to $500,000.Â
The whitehat hackers earned this reward for their cybersecurity skills, which helped identify the vulnerability. This discovery led to an audit before the bridge could be reopened for public use. Ronin validators are now working on a new solution to improve security.Â
Ronin Bridge DetailsÂ
The Ronin Bridge is an Ethereum sidechain used for the popular play-to-earn game Axie Infinity. It facilitates asset transfers between the Ronin chain and the Ethereum network. Despite the incident, the bridge still secures over $850 million, which remains safe.Â
Tuesday Attack ExplainedÂ
The exploiters managed to siphon off $12 million due to safeguard measures in place, including a bridge limit that prevents large fund withdrawals. This system stopped further withdrawals during the exploit.Â
Ronin’s team identified the cause of the attack, linked to a new update, and stated that remedies are underway. They plan to share a detailed report next week, outlining strategies to prevent similar incidents.Â
Bailey.ron, a key project member, said the bridge’s principles make it a target for attacks. The network has faced previous exploits, including a $615 million loss in 2022, one of the largest DeFi attacks at that time.Â
