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The Ronin Networkās recent hack highlights the persistent security challenges within blockchain bridges, resulting in a substantial $12 million theft.
Peck Shield Alert, an on-chain analytics tracker, identified two suspicious transactions on the Ronin bridge. The incidents involved the movement of 3,996 ETH, valued at approximately $9.86 million, and nearly 2 million USDC tokens totaling $12 million. These transactions prompted immediate actions from the Ronin Network team, which paused the bridge to prevent further losses.
Alexander Larsen, co-founder and COO of Axie Infinity and Ronin Network, addressed the situation, emphasizing the networkās focus on securing $850M in assets. This hack adds to the networkās troubled history, including a $600 million breach in March 2022. Crypto investigator ZachXBT also spotlighted other notable security incidents involving Ronin Networkās key personnel, such as Jeff Zirlin, whose wallets were compromised, resulting in a $10 million loss.
In July 2024 alone, the crypto sector witnessed 16 hacks amounting to $266 million in losses. The largest breach impacted WazirX, a centralized finance platform, with a significant $230 million loss. Other notable incidents included LI.FI, which experienced a $9.73 million loss, and Bittensor, with $8 million stolen. Smaller platforms like RhoMarkets and DeltaPrime also suffered breaches but managed to recover some of the funds.
The Ronin Network hack is a stark reminder of the ongoing vulnerabilities in blockchain ecosystems. This latest incident underscores the critical need for enhanced security measures to protect against sophisticated cyber threats. As the investigation continues, the crypto community will closely watch the Ronin Networkās subsequent actions and any forthcoming preventive measures.
The post Ronin Bridge Hack: $12M in Ethereum and USDC Stolen in Latest Cyber Attack appeared first on COINOTAG NEWS.
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