Axie Infinity's Ronin Bridge was hacked on August 6, 2024, leading to the theft of approximately $12 million in digital assets, including 2 million USDC and 4000 ETH. The attack was facilitated by a recent upgrade that missed a crucial step, leaving a key variable uninitialized and setting a security threshold to zero. The Ronin Network has since recovered roughly $10 million worth of Ethereum, thanks to the efforts of white hat hackers. The remaining USDC is expected to be returned later today. The Ronin Network has announced a Bug Bounty Program to reward the white hats with a $500,000 bounty. The bridge will undergo an audit before resuming operations. The exploit also caused an 11% surge in the RON token.