Axie Infinity’s Ronin Bridge to Relaunch Next Week After Hack

    In March, Axie Infinity’s Ronin Bridge was hacked for $552M. This was known as one of the largest heists in crypto history with 173,600 ETH and 25.5 million USDC tokens stolen. Sky Mavis had to shut down both Ronin Bridge and DEX Katana exchange.

    Axie Infinity then raised $150 million in funding to compensate victims of the hack and offered a $1 million bug bounty. However, it was not until June 24, that is, nearly 3 months after the hack happened, the project announced the reopening of Ronin Bridge.

    Accordingly, Ronin Bridge will reopen on June 28, 2022 but for the relaunch of the bridge, a hard fork will be required. Validators on the network must update to the latest version. The company will reimburse hack victims, however, 56,000 ETH stolen from Axie Infinity DAO will remain uncollateralized. 

    Users will be able to withdraw one ETH for each one they held prior to the attack once the bridge reopens on June 28, Sky Mavis told Bloomberg. At the time of writing, AXS and RON have increased by 9% and 16% respectively over the past 24 hours.

    There are more and more cross-chain bridges attacked in recent months. In February, a hacker stole $320 million from the Wormhole bridge between Solana and Ethereum, while on June 24, Harmony’s Horizon bridge was hacked for $100 million.

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