Ronin Network has confirmed a significant loss of $9.8 million due to an exploit involving the theft of 3,996 Ether (ETH) tokens.

In response to the suspicious outflow, Ronin Network has paused its bridge operations to investigate the incident further.

Security experts from Peckshield have speculated that the exploit may have been executed by a white hat hacker, who typically identifies and addresses vulnerabilities in crypto protocols.

The specific maximal extractable value (MEV) bot involved in the exploit has been identified as '0x4ab.'

Aleksander Larsen, co-founder of Axie Infinity, confirmed the breach and stated that the pause in operations is necessary for a thorough investigation.

Larsen reassured users that the Ronin Bridge, which secures over $850 million in funds, remains safe despite the hack.

If the incident is confirmed as a white hat hack, there is hope that the stolen funds may be returned to the Ronin Network.

The incident was reported around 9:37 a.m. UTC, highlighting the urgency of the situation.

Despite the exploit, the market response has been relatively stable, with Ronin's RON tokens experiencing a 7.4% increase amid a broader market rise.

The incident comes during a broader market downturn, although the price of Axie Infinity's token (AXS) has seen a rebound.

This situation is ongoing, and further details will be provided as they emerge.