June 18, 2024
Latest Cryptocurrency News

Sky Mavis Reclaims $5.7 million from Ronin Bridge Cyber Hack

Sky Mavis, the company behind the widely popular play-to-earn game Axie Infinity, has successfully retrieved $5.7 million from the infamous 2022 Ronin Bridge hack, with assistance from Norwegian authorities. The Norwegian central unit for combating economic and environmental crimes, Økokrim, played a pivotal role in freezing and returning the funds.

Multi-Agency Efforts and Recovery Allocation

The retrieval process involved a collaborative effort among law enforcement agencies, legal professionals, accountants, and blockchain forensic teams such as Chainalysis. Sky Mavis expressed gratitude to both the Norwegian government and the United States Federal Bureau of Investigation (FBI) for their assistance in tracking and recovering the assets.

The company disclosed that 15% of the retrieved assets would be utilized to cover the expenses incurred during the recovery operation. The remaining 85% will be allocated to the Axie Infinity treasury.

Ongoing Recovery Efforts and Ronin Bridge Hack

Despite the successful recovery of $5.7 million, an additional $40 million in digital assets remains frozen by law enforcement. However, Sky Mavis cautioned that the timeline for the release of these assets is yet to be determined.

The Ronin Bridge hack, one of the most significant security breaches in the cryptocurrency sphere, occurred on March 29, 2022. The breach resulted in the draining of 173,600 Ether and 25.5 million USD Coin, valued at $612 million at the time. Sky Mavis initiated a $150 million reimbursement fund in April 2022. Moreover, Binance led a funding round to compensate affected users in support of this initiative.

Despite the setback, Ronin continues to maintain its position as a leading blockchain for non-fungible tokens (NFTs). Presently, Ronin is ranked third among top blockchains by all-time NFT sales highlighting its resiliency. Furthermore, Ronin continues with its efforts to enhance its security measures through collaborations with validators such as Google Cloud.

Image by jcomp on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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