Axie infinity recently announced the reopening of Ronin Bridge a link that allows users to carry out transactions in the game. This comes after the March hack that led to the siphoning of $625 million.
Axie Infinity Ronin Bridge Hack
Since Hackers compromised Ronin bridge in March, Axie Infinity closed off transactions using the link.
After the attack took place, the developers of the game were unaware until after six days when users tried to access the funds in their account but could not do so.
Since the discovery of this incident, Axie infinity developers, Sky Marvis, has been working to reinforce security and also regain the funds of the users that were lost as a result of the theft.
Further investigation by the US Treasury Department, linked the attack to the North Korean hacking group Lazarus. Following this discovery their wallet was sanctioned, including the stolen funds.
Sky Marvis Works Towards Recovering Stolen Funds
Sky Marvis initially planned to reinforce the security of the Ronin Bridge and get it to function again by April.
On second thought, Sky Marvis had to postpone its reopening stating that it is not a process that the company can afford to rush because the bridge will be responsible for the custody of assets worth billions of dollars.
Sky Marvis also promised to reimburse all the users affected by the incident their funds. The company has pooled resources from different groups including Binance.
Ronin is currently down with 71, 600 ETH (85.8 million) and $25.5 million as well as the 67.7$ million stolen from Axie’s DAO Treasury which consists of individuals that are responsible for the decision-making process of the Axie community.
Axie is working to recover the funds and refund users but it says if it is unable to do so in two years, the members of the DAO will decide collectively on what will happen next.
Features of the new Axie Infinity Ronin Bridge
Sky Marvis recently announced the reopening of the new bridge for players to carry out their transactions.
The new bridge offers a 1:1backup for the funds of the users. There has also been the conduction of two new external circuits and an internal circuit (Verichain, Certik).
Axie will also introduce a Ronin circuit breaker system that will restrict the number of withdrawals that a person can make per time. This will help boost security and prevent large amounts of withdrawals from suspicious individuals.
This week, the company plans to
Introduce Land staking that will allow players that have invested in the game to earn as they play.
After the Axie Infinity hack, the developer team has worked tirelessly to reinforce security and prevent future occurrences.
The new Ronin bridge now has exclusive features that allow users perform activities on the platform and secure transactions.