Ethereum News by Thebittimes.Com

The blockchain bridge connecting gaming-focused Ronin Network to Ethereum has been paused after losing over $11 million worth of ETH and USDC to MEV bots. This incident is the third major hack to affect the Ronin Network team after the loss of over $600 million in March 2022, and the theft of $10 million of a co-founder’s personal funds earlier this year. #PeckShieldAlert @Ronin_Network #whitehacked? or Hacked? (w/ ~ $9.33M) pic.twitter.com/wfaY0zhVdI — PeckShieldAlert (@PeckShieldAlert) August 6, 2024 Read more: Axie co-founder hacked for $10M two years after $625M Ronin attack According to smart contract auditing firm Beosin, a recent upgrade introduced a bug in the bridge’s cross-chain verification system. At around 9:30 UTC, 4,000 ETH (worth approximately $9.8 million) were first extracted from the bridge via one bot’s ‘Mmmm MEV’ function, almost $10,000 of which went to block builder beaverbuild , the rest was sent on to another address. Half an hour later, ar...

2022 will certainly be considered a major year for several platforms. For FTX, Terra, and other troubled platforms, it certainly wasn’t a pleasant year. But, for the Ethereum [ ETH ] network, with its transition from proof-of-work [PoW] to proof-of-stake [PoS], 2022 was rather pertinent. Soon after the Merge, the network maintained a rather low profile as the woes of troubled firms began surfacing. Now, once again, the network was back making headlines. During a recent weekly call, developers at the Ethereum Foundation shed light on the Shanghai update. This is expected to be the next major upgrade following the Merge. The Shanghai update is scheduled to take place in the second half of 2023. The hard fork update will enable withdrawals of staked ETH from the Beacon Chain and may also contain recommendations to fix scalability concerns and enhance the Ethereum Virtual Machine. The testnet version of the upgrade called Shandong went live back on October 18. Previously,...