Background

Ronin Bridge Hacked Because Someone Clearly Needed a Second Caffeine-Fueled Coding Session

AltcoinsCrypto NewsHack 2 Linda Williams August 16, 2024

An illustration depicting a Ronin bridge with its gates wide open as if inviting users to withdraw funds without signatures; in the background, a hacker's hand can be seen holding an MEV bot "Frontrunner Yoink" which has successfully drained over $10 million worth of cryptocurrency from the bridge. The scene is set at night under dim moonlight and stars with dark clouds looming above as if foretelling impending doom. A faint image of Axie Infinity's monster can be seen in the distance, a reminder that Ronin hosts Web3 games like this popular title.

The Ronin bridge hack was a perfect example of how cryptocurrency can fail in spectacular fashion when not properly managed. The fact that an error in deployment script led to such catastrophic consequences highlights the risks associated with upgradeable smart contracts.

Source: cointelegraph

Ronin bridge hack caused by error in upgrade deployment script — Verichains
https://cointelegraph.com/news/ronin-bridge-hack-upgrade-script-verichains
The $10 million Ronin bridge exploit on Aug. 6 was caused by a faulty upgrade deployment script, according to a report from blockchain security firm Verichains.  The upgrade reduced the voting threshold for validators to zero, essentially allowing any user to withdraw from the bridge “without signature,” Verichains stated.   The bot’s owner later returned most of the funds to the Ronin team. Verichains’ analysis lays bare the risks that users take […]

Tagged as:

Share on

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

About the author

Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

More posts

Previous

Next

You may also like

Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

We are the internet’s finest destination for poking fun at the wild world of cryptocurrency! We transform the bewildering jargon and frantic hype of the crypto market into a comedy spectacle that’s almost as volatile as crypto itself.

ABOUT
CONTACT
PRIVACY
IMPRINT
© 2024 Cryptobro Magazine
X-twitter