Sky Mavis Recovers $5.7 Million from Notorious Ronin Bridge Hack

ChainPlay

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4 months ago

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Sky Mavis, the creators of Axie Infinity, have successfully recovered $5.7 million from the 2022 Ronin Bridge hack. This achievement was made possible through collaborative efforts with Norwegian authorities. The recovery marks a significant step forward for Sky Mavis in their ongoing battle to reclaim lost assets.

Role of Norwegian Authorities

Norway's Økokrim, the central unit for combating economic and environmental crimes, played a crucial role in this recovery. They managed to freeze and return the recovered funds. This success was achieved through a coordinated effort involving law enforcement, legal advisors, accountants, and blockchain forensic teams like Chainalysis. Sky Mavis expressed deep gratitude to both Økokrim and the FBI for their essential roles in tracking and recovering the funds.

In addition to the $5.7 million recovered, another $40 million in assets remain frozen. These assets are also related to the Ronin Bridge hack. Sky Mavis has stated that the process of recovering these additional funds will take time. No specific timeline has been provided for when these assets will be fully recovered.

Sky Mavis has detailed how the recovered funds will be used. Fifteen percent of the recovered money will cover the costs incurred during the recovery process. The remaining 85% will be placed into the Axie Infinity treasury. This allocation ensures that the funds will support the ongoing development and maintenance of the Axie Infinity platform.

Details of the Ronin Bridge Hack

The Ronin Bridge hack on March 29th, 2022, was one of the largest security breaches in the crypto world. Hackers managed to withdraw 173,600 Ether (ETH) and 25.5 million USD Coin. In response to this significant loss, Sky Mavis launched a funding round led by Binance. They raised $150 million in April 2022. This funding has been crucial in helping the company recover and strengthen their security measures.

Following the hack, Sky Mavis has worked hard to improve the security of the Ronin network. They have added more validators, including Google Cloud, to enhance network security. These measures aim to prevent future breaches and protect user assets.

Continued Success in Blockchain Gaming

Despite the setback from the hack, Sky Mavis' Ronin network continues to lead in blockchain gaming. The platform has recently surpassed 20 million unique wallets. This milestone underscores Ronin's dominance in Web3 gaming. The growth of games like Pixels and the enduring popularity of Axie Infinity have driven this success. Ongoing player engagement also plays a key role in maintaining Ronin's position at the forefront of blockchain gaming.

Sky Mavis has demonstrated resilience and determination in recovering from the Ronin Bridge hack. Their collaborative efforts with Norwegian authorities and the implementation of stronger security measures highlight their commitment to safeguarding their platform and user assets. As they continue to lead in the blockchain gaming industry, Sky Mavis' successes serve as a testament to their ability to overcome challenges and drive innovation in the world of crypto and NFTs.