Ronin Network exploited for $9.8M in ETH, white hat hacker suspected

Ronin Network has lost $9.8 million worth of Ether in a potential exploit, adding to the rising number of cryptocurrency hacks in 2024.

Ronin Network, one of the most popular gaming blockchains, lost 3,996 Ether (ETH) tokens worth over $9.8 million.

However, the exploit may originate from a white hat hacker, or ethical hacker who is performing exploits to find the vulnerabilities in a crypto protocol, according to an Aug. 6 X post by PeckShield.

After discovering a vulnerability and proving the code is bugged, white hat hackers return the stolen funds. If the Ronin attacker turns out to be such an ethical hacker, the funds could soon be safely returned.

It's not uncommon for hackers with malicious intent to return stolen funds either. Earlier in May, a hacker returned $71 million worth of stolen crypto to the victim, after the high-profile incident brought significant attention and revealed the hacker's potential IP.