Ronin Bridge Paused After $9M Drained in Apparent Whitehat Hack

Prominent crypto bridging service Ronin was paused earlier Tuesday after $9 million in tokens were drained from the platform in an apparent whitehat hack.

“The @Ronin_Network bridge has been paused while we investigate a report from whitehats about a potential MEV exploit,” co-founder @Psycheout86 said in an X post. “The bridge currently secures over $850M which is safe.”

"Whitehat" typically refers to an individual or entity that attacks or exploits software to identify security vulnerabilities to fix issues or errors that could be exploited by actual attackers. Bridges are tools used to transfer tokens between different blockchains where they weren’t originally supported.

Ronin’s RON tokens were unchanged at writing time, up 7.4% in the past 24 hours amid a broader market rise.