Ronin Network Details

    Organization Logo

    Ronin Network

    Ho Chi Minh City • 150 employees • Technology

    https://roninchain.com/
    Vietnam

    Industry

    Technology

    Security Incidents

    1

    Ronin Network is a blockchain infrastructure platform primarily designed to enhance the scalability and security of blockchain-based applications, especially in the gaming and NFT sectors. It was developed by Sky Mavis, the creators of the popular blockchain game Axie Infinity, to facilitate fast and low-cost transactions, addressing the limitations of Ethereum’s mainnet. Launched in 2021, the network has gained significant traction due to its efficient handling of in-game transactions and the transfer of NFTs, pivotal for the gaming and metaverse industries.

    Notable achievements of the Ronin...
    Show more

    Security Incidents

    Ronin Network Breach of Aug 2024
    Severity Score
    Low

    Type

    Other

    Summary

    On August 6th, 2024, Ronin Network experienced a security incident when white-hat hackers exploited a vulnerability in the Ronin bridge, allowing them to withdraw 4,000 ETH and 2 million USDC, valued at around $12 million. This incident occurred due to a recently deployed bridge update that introduced a security flaw, causing the bridge to misinterpret the required vote threshold for fund withdrawals by bridge operators.

    Once aware of the exploit, the white-hat hackers informed the Ronin Network during their demonstration, prompting the team to pause the bridge for 40 minutes to assess the s...
    Show more

    Severity

    The incident on the Ronin Network, where white-hat hackers exploited a vulnerability in the Ronin bridge to withdraw 4,000 ETH and 2 million USDC, highlights a security flaw introduced by a recent update. The exploit allowed the hackers to bypass the required vote threshold for fund withdrawals, exposing a critical weakness in the system. Though the incident was controlled and promptly communicated by the white-hat hackers, who allowed the Ronin team to pause the bridge and initiate a thorough audit process, the potential financial impact was around $12 million.

    This level of sophistication i...
    Show more

    Impact

    The recent incident on the Ronin Network involved a sophisticated attack where white-hat hackers exploited a vulnerability in the Ronin bridge to withdraw 4,000 ETH and 2 million USDC. This exposed a serious security flaw that bypassed the required vote threshold for fund withdrawals, signaling a critical weakness in the system's safeguards.

    Although the white-hat hackers communicated the breach promptly and enabled the Ronin team to pause the bridge and start a comprehensive audit, the potential financial impact was significant, approximately $12 million. Thankfully, no customer data nor int...
    Show more

    KEEP YOUR ENVIRONMENT SECURE

    Weak credentials are the leading cause of breaches. Beyond Identity can help.

    See MFA exploits in action
    Watch how adversaries exploit companies in quick videos