Last March, the Axie Infinity platform was the victim of one of the biggest crypto hacks in history. Loot size: over $ 600 million. Hack caused the suspension of the bridge between Ronin and the Ethereum blockchain. Yesterday, the platform communicated on the restoration of the bridge.
Throw in the Axie Infinity hack!
Almost 3 months ago to this day, the Play to Earn game was the victim of a $ 622 million scam when it was discovered. Started on March 23, the attack was discovered only 6 days later. Time for kidnapping hackers 173,600 ETH and over $ 25.5 million in USDC stables. This incident was also devastating for the AXS signal of the Axie Infinity project, which suffered heavy losses.
In detail, hackers had exploited vulnerabilities in the bridge between the Ronin sidechain and the main Ethereum network to steal these sums. As was understood at the time of the hack, the creator of Axie Infinity admitted some vulnerabilities on the Ronin bridge. Vulnerabilities that were only the result of inadequate decentralization, the company itself controlling more than half of the validations that accepted transactions. Because by seizing 5 of the 9 collectors the hackers were able to steal such interest.
Good to know: At the time of the attack, the cumulative value of the assets was $ 552 million. And $ 622 million by the time the game developer Sky Mavis revealed the fault on March 29. If we refer to current prices, the amount of piracy is now “only” 226 million dollars.
Ronin – Ethereum bridge is active again!
Suspended for hacking, the bridge between the two networks is now active again. From last week, Sky Mavis has already announced that it wants to relaunch the Ronin bridge. The developer then specified that a hard fork of the network would be required. So all Ronin collectors had to update their software.
Yesterday, the carriers of the Axie Infinity project communicated about the reopening of the bridge via the social network Twitter:
Ronin Bridge is open!
– All user funds are fully guaranteed 1: 1 at the new bridge.
– An internal inspection of the bridge and two external inspections were carried out.
– We are still on track to launch land betting this week.
It should be noted that the external audits were both carried out by the companies Verichains and Certik.
All users have been reimbursed!
In a post published yesterday, Sky Mavis announced that all users refunded. In detail, 56,000 of the 173,000 ETHs related to Axie DAO. Last April, days after hockey, Sky Mavis was already raising over $ 150 million to deal with the fallout from the attack. At the time, Binance platform and other high – profile players such as venture capital fund Andreessen Horowitz led the funding round.
In April, the U.S. Treasury was established connection between Ronin Bridge’s attack and the Lazarus group, a group of hackers “sponsored” by the North Korean state. Lazarus was previously linked to the WannaCry 2017 attack as well as the Sony Pictures 2014 hack. This massive hack.
Crypto-assets are a risky investment.