DEFI

After the hacking incident involving Axie Infinity's sidechain Ronin, the official cross-chain bridge has now resumed deposits and withdrawals.

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After the hacking incident involving Axie Infinity

In March 2022, the sidechain Ronin of the blockchain game Axie Infinity experienced a major hack, resulting in the loss of a large amount of Ether and USDC. Despite promises of full compensation, Ronin remained closed. It was not until today, June 28th, that Ronin announced its reopening.

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In March 2022, the sidechain Ronin of the blockchain game Axie Infinity experienced a major hack, resulting in the loss of a large amount of Ether and USDC. Despite promises of full compensation, Ronin remained in a closed state. It wasn't until today, June 28, that Ronin announced its reopening.

  • User funds have been fully compensated through a new cross-chain bridge, allowing for funds to be transferred across chains
  • The new cross-chain bridge features a "short-circuit design" to prevent large suspicious withdrawals; the total daily withdrawal limit is also capped at $50 million
  • Ronin has undergone one internal audit and two external audits by Verichains and Certik
  • Ronin may release a Land Staking game land pledging feature later this week

The announcement states that out of the stolen funds totaling 173,600 ETH and 25.5 million USDC, 56,000 wETH belonged to the Axie DAO treasury. After deducting the treasury amount, the remaining debt is 117,600 ETH and 25.5 million USDC. Previously, Binance also had a cross-chain bridge with Ronin that opened for user use in April, with 46,000 wETH already transferred out of Ronin and converted into ETH liquidity provided by Axie Infinity. The overall debt now stands at 71,600 ETH and 25.5 million USDC. With the new cross-chain bridge providing full liquidity, user funds have been compensated.