9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
The developers relaunched the Ronin Network sidechain in the blockchain game Axie Infinity and refunded users the funds lost as a result of the March hack. Ronin Bridge
The developers relaunched the Ronin Network sidechain in the blockchain game Axie Infinity and refunded users the funds lost as a result of the March hack.
Ronin Bridge is open!
• All user funds are fully supported by the new bridge at a 1:1 ratio.
• The bridge has passed an internal audit and two external audits.
• We’re on track to release Land Staking this week.📝 : https://t.co/ZRqslOwXpo pic.twitter.com/xOgsZHvVGc
— Ronin (@Ronin_Network) 28 June 2022
“All wETH and USDC owned by Ronin Network users are now fully backed by 1:1 ETH and USDC on the Ethereum network as promised. All users received compensation,” he said.
Assets stolen from the treasury of Axie DAO (56,000 wETH) are expected to be returned with the help of law enforcement. If the funds cannot be recovered within two years, the decentralized organization will vote on how to proceed.
On March 23, 2022, Ronin was hacked – hackers pulled 173,600 ETH and 25.5 million USDC from the cross-chain bridge of the project.
As a result of a phishing attack on one of Sky Mavis’ employees (behind the development of Axie Infinity), the attackers managed to gain access to both the company’s infrastructure and Ethereum sidechain validators.
The developers later noted that the hackers were using social engineering. The attack was carried out in December 2021.
Initially, the team was expected to restart in mid or late May, but then the deadline was postponed.
On June 21, the developers reported that the protocol had been moderated by Certik experts with “minor comments.” According to them, it was the behavior of the control that delayed the reboot of the Ronin.
According to a statement released today, the project’s codebase has also been reviewed by Verichains.
The developers said that the Ronin cross-chain bridge has received a new design that includes a system that allows you to shut down the decentralized application in an emergency. According to them, this will increase its security and minimize damage from suspicious transactions.
Recall that in June 2022, hackers stole nearly $100 million worth of assets during an attack on the Horizon cross-chain bridge of the Harmony ecosystem.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
