In one of cryptos biggest scams ever, hackers managed to steal $625 million worth of tokens from user wallets. Axie Infinity, one of the biggest metaverse based blockchain games, got hit and attackers stole some 173,600 ether (ETH) and 25.5 million USDC from Ronin validator nodes run by Sky Mavis. The hack was called the Ronin bridge hack, as the threat actor used private keys to impersonate user withdrawals. After raising $150 million to secure their infrastructure and make amends with players of the game, the bridge has been restarted.
Following internal and external audits by blockchain security firms Verichains and Certik, the bridge was restarted. Users have been made whole by the new bridge on a 1:1 basis, developers said. Circuit breakers are built into the new bridge design as a contingency plan to prevent large, suspicious withdrawals.. Bridges allow the exchange of information, cryptocurrencies and assets such as non-fungible tokens (NFTs) between blockchain networks. Funds can flow between Ethereum and the Ronin blockchain through the Ronin bridge.
To prevent the collapse of the Axie Infinity ecosystem, Ronin took corrective measures at the time, such as reducing token emissions. Prices of Axie’s native AXS tokens have fallen 90% since their lifetime highs in November despite the moves. “We’re glad to put this behind us and push onwards with shipping more games in the Axie Universe and on the Ronin Network,” Sky Mavis CEO Aleksander Larsen wrote in an email to CoinDesk.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
