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After $625m Hack, Axie Infinity's Ronin Bridge Reopens

WikiBit 2022-06-30 11:58

Abstract:The Ronin Bridge of Axie Infinity has reopened months after it was plundered of $625 million by an exploit in March.

  The Ronin Bridge of Axie Infinity has reopened months after it was plundered of $625 million by an exploit in March.

  As the protocol revealed on Tuesday, all users' cash have now been refunded on a 1:1 basis, as promised by Sky Mavis.

  According to the Ronin team, users can now conduct transactions using wETH and USDC because the founding team has sufficiently addressed liquidity difficulties with the help of industry partners. The protocol originally hinted at reopening the Ronin Bridge last week, and it has since stated that it has implemented a number of changes to avoid further attacks.

  Prior to this re-opening, the Ronin process completed three distinct audits, one launched internally and two conducted outside. CertiK and Verichains performed the external audits, respectively. Sky Mavis, the blockchain firm behind the Axie Infinity Play-2-Earn game, reportedly launched the audits, which enabled the team to “find and implement a number of chances for improvement.”

  The Established Modifications

  Other recent implementations include a new governance mechanism, which would close any gaps, further protecting the protocol.

  “Going forward, the governance process will be conducted via a decentralized voting mechanism. The governors will be empowered to vote for changes such as: adding/removing validators, upgrading contracts, changing thresholds, etc. The design of the governance voting method is serial: only one governance vote can be held at a time, and that vote must be completed before moving to a new vote,” the team wrote.

  A new circuit breaker system has been introduced to make the Ronin Bridge entirely foolproof. It will automatically restrict withdrawals above the limits specified for accounts based on their Tier-levels.

  Protocols that have been hacked address their issues in various ways. In the Ronin attack, the US Treasury Department indicted the North Korean crime ring Wythe Lazarus. The hacker who stole approximately $600 million from Poly Network last year maintained a communication line open, which eventually led to the complete recovery of the stolen cash.

  The Ronin approach has provided a two-year window for recouping stolen funds by collaboration with authorities. If the recovery fails by the deadline, a vote method will be used to determine what happens next.

  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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