Developers relaunched the Ronin Network sidechain used in the Axie Infinity blockchain game and compensated users for funds they lost in the March hack.
The Ronin Bridge is open!
• All user funds are fully backed 1:1 by the new bridge.
• The bridge has undergone an internal audit and two external audits.
• We are still on track to release Land Staking this week.📝 : https://t.co/ZRqslOwXpo pic.twitter.com/xOgsZHvVGc
— Ronin (@Ronin_Network) June 28, 2022
“All wETH and USDC belonging to Ronin Network users are now fully backed 1:1 by ETH and USDC on the Ethereum network, as promised. All users have received compensation,” the statement said.
Assets stolen from the Axie DAO treasury (56,000 wETH) are expected to be recovered with the help of law enforcement. If funds cannot be recovered within two years, the decentralised organisation will vote on further actions.
On March 23, 2022, Ronin was hacked — hackers exfiltrated 173,600 ETH and 25.5 million USDC from the project’s cross-chain bridge.
As a result of a phishing attack on one of Sky Mavis’s employees (the company behind Axie Infinity), attackers gained access to the company’s infrastructure and the Ethereum sidechain validators.
Later, the developers noted that the hackers used social engineering. The attack occurred in December 2021.
Initially, the team planned to restart the network in mid or late May, but the timeline was subsequently pushed back.
On June 21, the developers reported that the protocol had undergone an audit by Certik with “minor remarks”. According to them, it was the audit that delayed the Ronin restart.
According to a statement published today, the project’s codebase was also reviewed by Verichains.
The developers said that the Ronin cross-chain bridge received a new design that includes a mechanism to disable the decentralised application in emergency situations. According to them, this will enhance its security and minimise the damage from suspicious transactions.
In June 2022, hackers stole assets worth about $100 million in the Horizon cross-chain bridge attack within Harmony’s ecosystem.
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