Axie Infinity’s Ronin Bridge is back up after USD 625 million hack

The Ronin Bridge has now reopened following a USD 625 million exploit back in March.

Sky Mavis announced that after three audits, the Ronin Bridge is open and ready for use, allowing users to make deposits and withdrawals to and from the Ronin (RON) network.

The Ronin Bridge is an Ethereum sidechain specifically designed for Axie Infinity, it allows users to transfer funds between the Ronin blockchain and the Ethereum blockchain.

Sky Mavis announced back in March after the hack had occurred, that the Ronin Bridge had been paused in order for them to recover user funds and increase security.

On April 2, Binance opened their bridge, enabling users who had previously used the Ronin Bridge to withdraw wETH and convert it to ETH.

Since then, Sky Mavis has stated recently that it would fully reimburse victims of the hack and that all wETH and USDC owned by Ronin Network users are now fully backed 1:1 by ETH and USDC on Ethereum.

Sky Mavis has taken steps in bolstering its security by conducting a full reassessment and undergoing an internal audit and two external audits with blockchain security firms Verichains and Certik.

Moving forward, Sky Mavis stated that its governance process will be conducted via a decentralized voting mechanism. With governors empowered to vote for changes and with only one governance vote being held at a time.

They have also introduced The Ronin Circuit-Breaker System as a contingency plan designed to increase security by halting large suspicious withdrawals.

Furthermore, they have also updated its Smart Contract software for validators to set a daily withdrawal limit from the Ronin Bridge.

To read more on the details of the reopening of the Ronin Bridge, you may visit Ronin’s Newsletter here.