White Hat Hackers Earn 500000 Bounty Utilizing Ronin Network

CoinWorld reported:
Hackers received a return of $10 million after exploiting the Ronin (RON) bridge in Ethereum (ETH).
According to the gaming-focused blockchain X account, the white hat hacker has returned $10 million in USD to the network and will receive a $500,000 bounty.
“ETH (approximately $10 million) has been returned, and we expect USDC to be returned later today. We appreciate the vigilance and integrity of the white hat. The bug bounty program will reward the white hat with a $500,000 bounty.
The bridge will undergo an audit before reopening. We will provide updates as this audit progresses.
Our goal is to transition the bridge’s operations out of the current structure. We will collaborate with Ronin validators to launch new solutions and provide updates as work progresses.
We thank the Ronin community and our allies for their support today.”
Ronin Network stated that earlier that day, they were contacted by the “white hat,” who sincerely exploited this potential bridge vulnerability.
“After verifying the report and discovering the first on-chain action about 40 minutes later, the bridge was paused. Participants withdrew approximately 4,000 ETH and 2 million USDC, valued at about $12 million, which is the maximum amount that can be withdrawn from the bridge in a single transaction for ETH and USDC. The bridging limit is a key safeguard to enhance the security of large fund withdrawals and effectively prevented further exploitation of this vulnerability.”
Ronin indicated that the bridge vulnerability was caused by a new update.
“We are developing solutions for the root cause. Bridge updates will undergo thorough review, followed by a vote from the bridge operators on deployment.
We are currently in negotiations with actors who appear to be playing the role of white hats and have made sincere responses. Regardless of the negotiation outcome, all user funds are safe, and any shortfall will be replenished when the bridge reopens.”
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Generated image: Midjourney