#Ronin Bridge Exploit

With Axie Infinity being a big hit, Sky Mavis' Ronin bridge exploited and hacked for 173,600 ETH and 25.5M USDC which is about USD 625 million. Additionally, Sky Mavis has temporarily paused the Ronin Bridge to ensure the complete cease of attacks. 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. Furthermore, they have also updated its Smart Contract software for validators to set a daily withdrawal limit from the Ronin Bridge. Read more in our articles including "Sky Mavis' Ronin bridge exploited for 173,600 ETH, 25.5M USDC" and "Axie Infinity's Ronin Bridge is back up after USD 625 million hack".