Axie Infinity’s Ronin Bridge up and running after months of repairs
Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter.
See related article: Are we helpless against attacks on blockchain bridges?
Fast facts
Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to transfer crypto assets to and from the Ronin sidechain and the Ethereum main chain.
The Ronin Bridge suffered a major security breach in March, when some 173,600 Ether and 25.5 million USDC stablecoins — worth around $600 million at the time it was reported — were stolen.
The Ronin Bridge went through three audits since the hack, with Sky Mavis, the developer behind Axie Infinity, implementing a new system to increase security and limit “large suspicious withdrawals,” according to the newsletter.
Since April 2, Binance has made its crypto bridge available for the Axie Infinity community to withdraw and convert funds into ETH as the Ronin Bridge underwent repairs.
The Ronin Network said they are still working with law enforcement to recover lost funds, but all other affected users have been “made whole” by Sky Mavis.
Axie Infinity’s in-game NFT collection holds the all-time sales volume record with over US$4 billion, according to CryptoSlam data.
See related article: Axie Infinity hack proceeds continue to be laundered despite US sanctions