Axie Infinity creator Sky Mavis disclosed it has successfully recovered $5.7 million from the infamous Ronin Bridge hack of 2022 with the support of Norwegian authorities.
Norway’s central unit for combating economic and environmental crimes, “Økokrim,” froze and returned $5.7 million in funds from the Ronin Bridge breach on June 7, according to Sky Mavis.
Sky Mavis stated that the endeavors necessitated the collaboration of law enforcement, attorneys, accountants, and blockchain forensic teams such as Chainalysis.
The blockchain gaming company publicly expressed gratitude to the Norwegian government and the United States Federal Bureau of Investigation (FBI) for their assistance in recovering the assets and monitoring the funds.
Some funds will be allocated to expenses
According to the gaming company, the Axie Infinity treasury will receive the newly restituted funds. Nevertheless, a portion of the funds will be allocated to support the expenses of those who try to recover them. They composed the following:
“15% of recovered assets will be used to cover costs and expenses incurred by those involved in the recovery efforts. The remaining 85% of recovered funds will be deposited into the Axie Infinity treasury.”
The company announced that law enforcement has suspended an additional $40 million in digital assets and $5.7 million in recovered funds. The company has indicated that the recovery of these assets will require a significant amount of time, and they still need to establish a specific timeline for their return.
About Ronin Bridge Hack
The Ronin Bridge hack remains one of the most costly security lapses in the cryptocurrency industry. The Ronin network disclosed a security lapse on March 29, 2022 that affected its Ronin Bridge, a protocol that enables the transfer of assets from Ethereum to Ronin.
In two transactions, the perpetrator utilized hacked private keys to simulate withdrawals and drained 173,600 Ether and 25.5 million USD Coin. The assets were considered to be worth $612 million at the time.
Binance, a cryptocurrency exchange, led a funding round in April 2022 that resulted in Sky Mavis raising $150 million to reimburse affected users. Since then, the Axie Infinity developers have enhanced the Ronin blockchain’s security by collaborating with additional validators, such as Google Cloud.
Despite the incident, Ronin remains a prominent blockchain for nonfungible tokens (NFTs). At present, it is the third most successful blockchain in terms of all-time NFT sales, ranking behind Ethereum and Solana.
