Home » Axie Infinity’s Ronin Bridge is back up after USD 625 million hack

Axie Infinity’s Ronin Bridge is back up after USD 625 million hack

Written By Val Jose Mendoza
Published • July 2nd, 2022
FintechNews
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The Ronin Bridge has now reopened following a USD 625 million exploit back in March.

Sky Mavis announced that after three audits, the Ronin Bridge is open and ready for use, allowing users to make deposits and withdrawals to and from the Ronin (RON) network.

Ronin

The Ronin Bridge is an Ethereum sidechain specifically designed for Axie Infinity, it allows users to transfer funds between the Ronin blockchain and the Ethereum blockchain.

Sky Mavis announced back in March after the hack had occurred, that the Ronin Bridge had been paused in order for them to recover user funds and increase security.

On April 2, Binance opened their bridge, enabling users who had previously used the Ronin Bridge to withdraw wETH and convert it to ETH.

Since then, Sky Mavis has stated recently that it would fully reimburse victims of the hack and that all wETH and USDC owned by Ronin Network users are now fully backed 1:1 by ETH and USDC on Ethereum.

The Ronin Bridge is open!

• All user funds are fully backed 1:1 by the new bridge.
• The bridge has undergone an internal audit and two external audits.
• We are still on track to release Land Staking this week.

📝 : https://t.co/QX9hY1xKYX

— Axie Infinity (@AxieInfinity) June 28, 2022

Sky Mavis has taken steps in bolstering its security by conducting a full reassessment and undergoing an internal audit and two external audits with blockchain security firms Verichains and Certik.

Moving forward, Sky Mavis stated that its governance process will be conducted via a decentralized voting mechanism. With governors empowered to vote for changes and with only one governance vote being held at a time.

They have also introduced The Ronin Circuit-Breaker System as a contingency plan designed to increase security by halting large suspicious withdrawals.

Furthermore, they have also updated its Smart Contract software for validators to set a daily withdrawal limit from the Ronin Bridge.

To read more on the details of the reopening of the Ronin Bridge, you may visit Ronin’s Newsletter here.

Axie Infinityaxie infinity hackaxie infinity refundaxie infinity reimburseAxie Infinity RoninAxie Infinity Ronin bridgeRONRoninRONIN BRIDGERonin Network

Val Jose Mendoza

Hi! I'm VJ Mendoza! Although I just finished my Bachelor's in Nursing, I've always loved tech and to just to get an idea of me, some things I like are anime, video games, sports such as basketball, volleyball and fencing.