Axie Infinity Officially Reopens The Ronin Bridge

Axie Infinity claims to have reopened the Ronin bridge and has compensated 100% of those who suffered from the Ronin hack, minus Axie DAO’s money.
Axie Infinity Officially Reopens The Ronin Bridge

On June 28, Play-to-Earn game project Axie Infinity announced that it has reopened Ronin Bridge, a cross-chain bridge platform that connects Ronin sidechains with Ethereum. This is the first time that the Ronin Bridge has resumed operation since March 29, when Axie announced that it had been hacked.

The Ronin hack is the most damaging crypto hack in history. According to information from Axie Infinity, the hacker took away 173,600 ETH and 25.5 million USDC, worth more than $622 million at that time.

After reopening the bridge, Axie said that it had fully compensated 117,600 ETH and 25.5 million USDC to users. The remaining amount of 56,000 ETH belonging to the Axie DAO community will not be insured because this is an independent unit of the project.

Axie Infinity said it is continuing to work with the authorities to recover the money, in the event that it cannot be recovered, the Axie DAO community will vote to determine the next solution.

The United States Department of Justice later confirmed that the hacker group that attacked Ronin was the notorious Lazarus Group with ties to North Korea. Tornado Cash later blocked the hacker’s wallet as well, but this was just redundant action.

Axie Infinity Officially Reopens The Ronin Bridge
Ronin attack related to North Korea

Axie Infinity claims to have conducted technical testing of Ronin with two independent security units, CertiK and Verichains, before reopening the bridge. In addition, the project also applies a new governance mechanism, a maximum withdrawal limit of $50 million per day, as well as a higher rate of validator approving withdrawals to avoid a similar incident again.

Axie Infinity’s announcement also mentioned that Binance joined the project at the most difficult time, participated in a $150 million funding round to repair the damage, served as a portal to withdraw game assets while Ronin said to maintain, and block, and freeze the money that hackers send to the exchange.

Axie Infinity Officially Reopens The Ronin Bridge
Ronin Network suffered heavy damage after the hack

Meanwhile, the once-popular Play-to-Earn game continues to sink into difficulties as the number of players has decreased since the game introduced a new economic mechanism, removing the SLP reward. According to a recent Messari statistic, the game’s revenue in 2022 has disappeared to only a fraction of the peak summer of 2021.

https://twitter.com/twobitidiot/status/1541342248461295617

The game also recently ended Season 21, the last season using Axie Infinity v2, and is about to announce Season 22 with the switch to playing with Axie Infinity: Origin (v3).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Harold

CoinCu News

Axie Infinity Officially Reopens The Ronin Bridge

Axie Infinity claims to have reopened the Ronin bridge and has compensated 100% of those who suffered from the Ronin hack, minus Axie DAO’s money.
Axie Infinity Officially Reopens The Ronin Bridge

On June 28, Play-to-Earn game project Axie Infinity announced that it has reopened Ronin Bridge, a cross-chain bridge platform that connects Ronin sidechains with Ethereum. This is the first time that the Ronin Bridge has resumed operation since March 29, when Axie announced that it had been hacked.

The Ronin hack is the most damaging crypto hack in history. According to information from Axie Infinity, the hacker took away 173,600 ETH and 25.5 million USDC, worth more than $622 million at that time.

After reopening the bridge, Axie said that it had fully compensated 117,600 ETH and 25.5 million USDC to users. The remaining amount of 56,000 ETH belonging to the Axie DAO community will not be insured because this is an independent unit of the project.

Axie Infinity said it is continuing to work with the authorities to recover the money, in the event that it cannot be recovered, the Axie DAO community will vote to determine the next solution.

The United States Department of Justice later confirmed that the hacker group that attacked Ronin was the notorious Lazarus Group with ties to North Korea. Tornado Cash later blocked the hacker’s wallet as well, but this was just redundant action.

Axie Infinity Officially Reopens The Ronin Bridge
Ronin attack related to North Korea

Axie Infinity claims to have conducted technical testing of Ronin with two independent security units, CertiK and Verichains, before reopening the bridge. In addition, the project also applies a new governance mechanism, a maximum withdrawal limit of $50 million per day, as well as a higher rate of validator approving withdrawals to avoid a similar incident again.

Axie Infinity’s announcement also mentioned that Binance joined the project at the most difficult time, participated in a $150 million funding round to repair the damage, served as a portal to withdraw game assets while Ronin said to maintain, and block, and freeze the money that hackers send to the exchange.

Axie Infinity Officially Reopens The Ronin Bridge
Ronin Network suffered heavy damage after the hack

Meanwhile, the once-popular Play-to-Earn game continues to sink into difficulties as the number of players has decreased since the game introduced a new economic mechanism, removing the SLP reward. According to a recent Messari statistic, the game’s revenue in 2022 has disappeared to only a fraction of the peak summer of 2021.

https://twitter.com/twobitidiot/status/1541342248461295617

The game also recently ended Season 21, the last season using Axie Infinity v2, and is about to announce Season 22 with the switch to playing with Axie Infinity: Origin (v3).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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