The Ronin blockchain network, associated with the popular play-to-earn game Axie Infinity, has suspended its bridge following a suspicious $9.8 million outflow to a miner extractable value (MEV) bot. The transfer, which occurred at approximately 9:37 a.m. UTC on Tuesday, involved the movement of over 3,996 ETH. This transaction is being investigated, with speculation suggesting it may be related to white hat activity.
The bridge was paused shortly after the transaction at 10:15 a.m. UTC. Aleksander Larsen, co-founder of Axie Infinity and the Ronin Network, known as “Psycheout,” announced the suspension on X (formerly Twitter), stating, “The Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit. We will follow up with more information shortly. The bridge currently secures over $850 million, which is safe.”
This incident is reminiscent of a significant breach in March 2022 when Ronin’s bridge with Ethereum was hacked for $600 million. The exploit, involving the compromise of five validator keys, resulted in the loss of 173,600 ETH (then valued at approximately $590 million) and $25.5 million in the stablecoin USDC.
Adding to the network’s recent security issues, wallets belonging to Jeffrey Zirlin, co-founder of Sky Mavis (the company behind Axie Infinity), were compromised in February this year, leading to the theft of $9.7 million worth of ether.
The Ronin Network, known for its role in Axie Infinity’s ecosystem, continues to monitor the situation closely and is working to address any potential vulnerabilities to ensure the safety of its users’ funds. Further updates on the investigation are expected as more information becomes available.
