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The Ronin Bridge has reopened transactions months after a $625 million hack in March this year. Sky Mavis, the company behind the Axie Infinity play-to-earn game and the Ronin blockchain, has said that players can now use the bridge for deposit and withdrawal transactions.
Ronin Bridge reopens
After the breach in March, the Ronin Bridge was closed, and the Sky Mavis developer group started working on boosting the security features of the protocol and recovering the stolen funds.
The attack on the Ronin Bridge raised concerns over the platform’s security features. The attack was conducted for six days before being detected, allowing the attacker to drain a large amount of funds. Sky Mavis said the theft was caused to a spear-phishing attack that compromised the account of an employee that no longer worked with the company. The platform also lacked a tracking feature for large outflows.
Your capital is at risk.
The attack was also investigated by the US Treasury Department. The institution said the North Korean hacking group known as Lazarus was behind the attack. The wallet address with the stolen cryptocurrencies was also sanctioned. Sky Mavis had planned to reopen the bridge towards the end of April but delayed the process saying it needed more time to secure the bridge.
“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,” the company noted.
Sky Mavis is still far from raising the entire stolen amount. After the breach, several firms, including Binance, raised $150M for the company. The firm has said that Ronin still has a deficit of 71,600 ETH and 25.5M USDC.
Sky Mavis unveils Land Staking
The Sky Mavis developers also announced that they plan to integrate Land Staking this week. This new project will generate rewards for the players who have invested funds in the game. It is yet to be seen if these changes will improve the gaming experience now that security has been bolstered.
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