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.
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- 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