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Axie Infinity Bridge To Restart From June 28

Cryptocurrency Jun 24, 2022 11:00AM ET
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© Reuters Axie Infinity Bridge To Restart From June 28
 
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    • Axie Infinity to restart the bridge from June 28.
    • Sky Mavis, the developer, will reimburse the lost victims.
    • Ronin bridge suffered a $620 million loss in March due to the hack.

Axie Infinity will start reimbursing the victims of the $620 million Ronin hack in March. The Ronin Bridge, the Ethereum-linked sidechain that introduced Axie Infinity, suffered one of the largest hacks during that month.

The team plans to reopen the bridge three months after the attack. The announcement was made by the Ronin team on Twitter (NYSE:TWTR) yesterday. The team announced that the Ronin Bridge would be reopened on June 28th.

The Twitter thread also stated that funds from the users who were affected due to the hack will also be returned. For the bridge to work efficiently, the bridge needs all validators to update its software. The same has also been conveyed to the validators.

On March 23, hackers who were eventually determined to be members of the North Korean collective Lazarus gained control of five out of the bridge’s nine validator nodes, enabling them to steal 173,600 ETH and 25.5 million USDC.

One of the biggest cryptocurrency hacks to date, these assets had a value of more than $600 million at the time. In reaction, the developers had to stop Katana, a decentralized exchange on the sidechain, and freeze the exploited bridge.

The team has been constantly working to upgrade its security patches for over three months. Sky Mavis had also raised over $150 million from Binance and other venture capitalists to reimburse the affected. Looks like the team has finally structured them back to make a return after suffering from one of the largest hacks.

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Axie Infinity Bridge To Restart From June 28
 

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