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Axie Infinity’s Ronin Is Back Three Months After Giant Hack

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The Ronin team, an Ethereum linked sidechain that hosts the play-to-earn (P2E) game Axie Infinity announced that it plans to reopen its bridge next week.

If the relaunch is confirmed, it will run about three months after Ronin suffered over $600 million in exploitation.

Exploration to Ronin

As Cryptheory reported, in March this year Ronin suffered a hack in which attackers managed to steal 173,000 Ether (ETH) and 25.5 million in the USD Coin (USDC) stablecoin. At the time, the value stolen exceeded US$ 600 million, in what may have been the biggest theft in the history of cryptocurrencies.

After the attack, the team announced some measures to improve the security of the network. This included, for example, adding five new validators to the network.

Additionally, the team announced its plans to reimburse users harmed by the attack.

Also in March, Sky Mavis, owner of Axie Infinity, raised $150 million to reimburse users. This funding round led by cryptocurrency exchange Binance.

Also participating in the round were a16z, Paradigm, Animoca Brands and Dialectic. It is worth noting that these last two organizations were announced as new validators for the network.

Afterwards, Binance was also able to recover $5.8 million from hackers who hacked Ronin.

Also in April, the US Treasury Department discovered that the Lazarus hacker group, linked to the North Korean government, was the author of the attack. So the group’s address was added to the Treasury Department’s sanctions list. This was the first time that a wallet linked to Lazarus was targeted by US sanctions.

Ronin Bridge reopening

In the month of May, the team concluded its audit process and said that it obtained satisfactory results. At the time, the team also informed that the relaunch of the bridge would take place in mid-June.

Now, the team has officially announced the network restart for June 28th. That is, next Tuesday.

“Our engineering team has been hard at work preparing the bridge to reopen,” the team said on its Twitter account.

As reported by the company, until June 28, it is also expected that all affected users will receive refunds. The company, however, did not give precise details on how this will happen.

Additionally, it said the reopening will require a hard fork from Ronin. Thus, all validators will need to update their software.

Do Kwon is very positive about the reconstruction of Terra blockchain

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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