Skymavis, the developer of the popular P2E (Play-to-Earn) NFT game Axie Infinity, has announced that it has returned Ronin Bridge online three months after being hacked for more than $ 600 million.
The Ronin Bridge is an Ethereum sidechain built for Axie Infinity that allows you to transfer assets between the sidechain and the Ethereum mainnet.
On March 29, hackers successfully accessed private validators, leaking 173,600 Ether (ETH) and 25.5 million USD coins (USDC) from the Ronin Bridge. The amount of fraudulent outflows from this hack amounted to more than $ 620 million at the time.
Announcement of Sky Mavis on June 28Ronin Bridge has returned online after three audits (one internal and two external), a new design, and full compensation for the user’s stolen assets, according to the company.
Skymavis now provides ETH liquidity to back up users’ lap ETH (wETH) on the Ronin network, with a total refund of 117,600 ETH and 25.5 million USDC. The remaining 56,000 ETH of all stolen ETH belong to Axie DAO Treasury and will remain unsecured as Sky Mavis “cooperates with law enforcement agencies to recover funds”.
In April, Binance helped allow users to exchange wETH for ETH. Liquidity was raised from the balance of Axie Infinity and the funds of the founder. To support this move, Binance has also led a $ 150 million funding round.
— CZ Binance (@cz_binance) June 28, 2022
As part of the bridge’s redesign, Skymavis has updated its smart contract software to allow validators to set a daily withdrawal limit, with an initial setting of $ 50 million at this stage. We also introduced a circuit breaker system that divides the withdrawal amount into three stages.
Tier 1 is a withdrawal of less than $ 1 million and requires 70% of Varidata’s signature, and Tier 2 is over $ 1 million and requires 90% of Varidata’s signature. Tier 3 is a withdrawal of over $ 10 million, requires a 90% validator signature, transaction fees and a 7-day review.
“The new bridge design introduces a circuit breaker system in case of contingency and enhances security by stopping suspicious large drawers.”
Sky MavisPost-report in late AprilHe admitted that the lack of decentralization made Ronin Bridge vulnerable to hacking. At that time, the Ronin Bridge had only nine validators, and employees could access four of them.
Skymavis immediately increased to 11 nodes, increased to 21 nodes within 3 months of the post-report, and indicated its intention to exceed 100 nodes in the long run.
However, this announcement did not provide the latest information on the number of nodes in the validator of the Ronin network.
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