Wednesday, October 5, 2022

Axie Infinity’s Ronin Bridge Finally back Online After Exploit

Three months after the infamous hack of over $625 million, Axie Infinity’s Ronin Bridge has relaunched. The improved bridge went live after a series of audits and added security layers to forestall potential future hacks.

In the announcement shared by the Ronin Bridge, the protocol confirmed it has so far reimbursed its users 117,600 ETH and 25.5 million USDC. It also completed a 100% refund of stolen funds to all of its users.

The remaining 56,000 wETH belonging to Axie Infinity DAO will remain uncollateralized as it collaborates with enforcement agencies to retrieve the funds.

Before the reopening, the Ronin Network carried out three audits, one internal and two external. Independent security firms, Verichain and Certik performed the external audits. 

Ronin Bridge added Features

The developers integrated a circuit breaker system, designed to stop large and suspicious withdrawals through the bridge. It categorized the withdrawals into Tier1, Tier2, and Tier3.

For transactions in Tier 1, 70% of its validators will need to sign off on the transaction. Tier2 and tier3 both require 90% of all validators to complete the transactions for the various set thresholds. Tier3 also requires a processing fee and a human review to complete the process.

In addition, the developers also upgraded the Bridge’s smart-contract software. With the new upgrade, validators can now set a fixed amount for daily withdrawals from the Bridge. It is currently limited to $50 million.

The Ronin Bridge is an Ethereum-based sidechain, it lets users transfer assets between the Ronin blockchain and Ethereum.

Described as one of the biggest hacks in the cryptosphere, a total of $625 million in crypto assets was lost. The blockchain gaming platform lost 173,600 ETH and 25.5 million USD coin (USDC). The North Korean-based hacker group, Lazarus group was indicted in the historical attack.

After the attack, the Sky Mavis team worked tirelessly to remedy the situation. It raised $150 million in a session chaired by Binance amongst other investors.

It also replaced the breached validator nodes and launched a reward program to detect possible vulnerabilities on the network moving forward.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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