How Axie Infinity Recovers From $600M Hack?

How Axie Infinity Recovers From $600M Hack?

The Ronin Bridge’s re-launch was celebrated by Sky Mavis, the firm that created Axie Infinity. Users may deposit, stake, withdraw money from the game, and access additional functions thanks to this cross-chain platform. In March 2022, the bridge’s remaining $600 million was drained.

Sky Mavis and the Axie Infinity team have been collaborating with law enforcement since the incident to recover the 173,600 ETH and $25.5 million in USDC. In this way, they have re-deployed the Ronin Bridge and reimbursed any users who lost money as a result of the assault.

All users have been adequately reimbursed, as indicated in the release. Two external firms, Verichains and Certik, have examined the new Ronin (RON) network. These companies investigated the Ronin Bridge Smart Contracts and its components, then made their security findings public.

“During the audit process, the audit team had identified some vulnerable issues in the application, along with some recommendations. Sky Mavis team has resolved and update smart contract code following our recommendations. Ronin Bridge Smart Contracts has passed with no Medium, High, or Critical severity issues,” Verichains said.

The updated design of the Ronin Bridge has included a new “circuit-breaker” function in addition to the two independent audits of its smart contracts. This was specifically included to stop bad activity from repeating the prior assault or making use of any potential new attack vector.

The company will reportedly make an effort to find the stolen funds, according to the notification. As previously mentioned, all users will be able to withdraw their funds: “All wETH and USDC owned by Ronin Network users is now fully backed 1:1 by ETH and USDC on Ethereum, as promised. All users’ have been made whole.”

This prevented the Axie Infinity DAO’s 56,000 ETH from being used. The condition of these assets will depend on how well law enforcement efforts go. The Axie DAO will “vote on next steps for the treasury” if this plan doesn’t provide any results after two years.

The circuit-breaker mechanism will function using a withdrawal limit depending on total value. Large withdrawals will require the approval of over 70% of the node or, if they exceed $1 million, the signatures of 90% of the validators.

Withdrawals of more above $10 million require the approval of a manual review process that takes up to 7 days and requires the signatures of 90% of the validators. The daily maximum withdrawal amount on the new Ronin Network will be $50 million.

This limit must be manually adjusted by a Ronin administrator if network transactions exceed it. The project team stated:

“We are more committed than ever to seeing Ronin become the industry standard for blockchain gaming and consumer applications.”

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.

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