Ronin $12M exploit due to upgrade error, team assures all funds are secure

The Ethereum sidechain Ronin announced on its official X that white-hat hackers reported a potential exploit on the Ronin bridge, which led to the bridge being paused about 40 minutes later. The attackers withdrew approximately 4,000 ETH and 2 million USDC, totaling around $12 million, which was the maximum withdrawal limit per transaction and helped mitigate further damage. The issue was caused by an error in a recent bridge upgrade that misconfigured the vote threshold for fund withdrawals. Ronin is currently working to identify the root cause and implement a solution. Meanwhile, negotiations with the attackers, who are cooperating in good faith, are ongoing. “All user funds are safe and any shortfalls will be re-deposited into the bridge when it opens up,” the Ronin team assured.