The Ronin Bridge gets exploited for $12M (and recovers...)

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Aug 07, 2024

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Lizard Labs is a Web3 gaming community and portfolio sub-DAO, that produces interconnected gaming experiences.

The Lizard Launchpad offers NFT holders exclusive Web3 gaming token deals, such as Moonfrost’s FROST and Paradise Tycoon’s MOANI recently.

TLDR :

Curio, the devs of DUPER announced they raised another $5.7M, making their total funding $8.7M
- DUPER is a fully on chain game (FOCG), where “Poker meets Catan, with a twist of Diplomacy”
- It’s a wagering social war game, where 5 players build up their armory, compete to take over territories, forge alliances, and backstab each other to earn money
  - If you want to play you should check out Apix’s starter guide
The studio was founded in 2022 and previously launched another game called Treaty, an on chain 4x strategy game

More on chain funding news this week as Cartridge announced they raised $7.5M in a Series A led by BITKRAFT
- Cartridge is an infrastructure provider for on chain games and autonomous worlds
  - They are supporting games such as Loot Survivor, Paved, and Dope Wars which are launching this Summer
Additionally, they announced the provable game engine Dojo reached V1.0 (Cartridge is a core contributor)
- 20+ games are already being built on this engine
- Cartridge’s flagship products Controller and Slot further augment the Dojo toolset:
  - Controller: smart contract wallet integration
  - Slot: Rollup-as-a-service, allowing devs to scale their FOCG games efficiently

Just yesterday Ronin shared a vulnerability in their bridge was exploited by white-hat hackers, leading to a pause approximately 40 minutes after the transaction was spotted
- The hackers withdrew ~4K ETH and 2M USDC, valued at ~$12M (the max amount that can be withdrawn from the bridge in a single txs)
- Luckily the party acted in good faith as Jihoz confirmed all the funds were recovered on the same day (funds are safu)
  - The Bug Bounty Program will reward the white hats with a 500K bounty
Before the Ronin Bridge is re-opened it will undergo an audit and the chain plans to shift operations from the current structure to a new solution that works with Ronin Validators
This isn’t the first time the Ronin Network experienced a large exploit as back in 2022 $615M in funds was lost, but luckily the funds were returned this time…

Last Monday Binance’s venture arm (Binance Labs) announced the candidates for S7 of its Incubation Program
- One of the candidates includes Ton Ton Games, a publishing company specializing in games on Telegram
- The first game they published is called DRFT Party, a game similar to Catizen’sAI merge game, but with drifting cars
  - They launched their Beta on the 24th of July and players can farm DRFT tokens to gain access to the NFT collection
On their website, TonTon Games mentions they will bring up to 1M initial users to your game