A recent post on X said that “white-hat” hackers had returned about 4,000 Ethereum that they had taken from Axie Infinity’s Ronin Bridge using a bug called Maximum Extractable Value (MEV).
Maximum Extractable Value, or MEV, is the most funds that miners or validators can take from deals that are in order without permission. A great deal of people in the crypto community talk about MEV, which is sometimes called a “invisible tax” by smart people who operate on the blockchain.
Ronin Plans Bridge Overhaul
As part of a bug bounty scheme, the Ronin Network said that the white-hat hackers who returned the funds would get $500,000. In Web3, it is common to pay ethical hackers to find security holes and encourage security experts to stress-test decentralized finance systems in exchange for funds.
The project is going to check its bridge and set up a new system for its cross-chain transaction center to make sure that similar things do not occur again. What we want to do is change how the bridge works from how it is now. The Ronin team said, “We will be working with the validators to bring on board a new solution, and we will keep you posted as the work progresses.”
Over the years, the Ronin Network and its bridge service have had to deal with a lot of problems. A group of North Korean hackers called Lazarus stole $600 million from the side chain in March 2022. It was one of the biggest crypto hacks ever.
In February 2024, thieves took $9.7 million from Jeff “Jihoz” Zirlin, co-founder of Axie Infinity. Even with these setbacks, the cross-chain bridge has recovered. It was listed on Coinbase and has backing from major brands like Binance, which helped the network get back on its feet. The Ronin Network wants to get through these rough times and keep growing.
