Ronin Network, the blockchain network responsible for the popular game Axie Infinity, experienced a substantial security compromise, leading to the loss of around $9.8 million worth of Ethereum (ETH).
The breach took place on August 6, 2024, when the network detected a dubious transaction involving the transfer of 3,996 Ethereum, which had a value above $9.8 million.
The network suspended its connection to resolve the problem, triggered by the identification of a significant outflow associated with a probable MEV bot.
Preliminary inquiries indicate that the exploit may have been carried out by a white-hat hacker, who is an ethical security specialist, to test the blockchain’s defenses.
In July 2024, the cryptocurrency industry witnessed a significant increase in security breaches. WazirX has incurred a loss of $230 million, while Jeff Zirlin, the co-founder of Axie Infinity’s Ronin Network, has reported a loss of $9.5 million in Ethereum.
