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HomeAltcoinsEthereumHacked Ronin Bridge will Reopen with Enhanced Security and Refunds

Hacked Ronin Bridge will Reopen with Enhanced Security and Refunds

Hacked Ronin bridge accounts will receive $216.5 million in USDC and ETH at today’s prices.

  • On June 28th, the bridge will reopen with more validators.
  • Binance led a $150 million funding round for Sky Mavis to restore the stolen funds

Axie Infinity, the play-to-earn game based on NFT‘s, is back three months after being hacked and developers are saying things will be different this time.

After the massive Ronin Bridge breach in March, the company brought in investors like Binance and a16z to get $150 million to reimburse users. According to the company, the rest of the players’ reimbursements would come from its own resources.

Players in Axie Infinity gather Pokémon-like creatures and use potions in order to breed them. The company had been on an upward trajectory amid the Coronavirus pandemic, but things fell apart earlier this year.

North Korean hacker group Lazarus breached most of the Ronin network’s validator nodes in late March and then stole 173,600 ether and 25.5 million USDC stablecoin worth around $600 million. The developers had not noticed it until it was too late.

“While racing for mainstream adoption, we made some trade-offs that ended up leaving us vulnerable to this sort of attack”

Sky Mavis said in a blog post.

Validators

After the funding round, Sky Mavis underwent an internal audit and two external audits. Additionally, the company pledged to increase its validator nodes from nine in-house operated validators to 21 more decentralized validators. With these new security measures, Binance CEO Changpeng Zhao remains optimistic that confidence in Sky Mavis will be restored.

All stolen funds will be returned when the Ronin bridge reopens on June 28. Exactly how many users will use the product again remains to be seen. 

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