Axie Infinity Creator Sky Mavis Will Refund Victims of $620M Ronin Network Hack by June 28th
Sky Mavis is bound to refund victims of the $620 million Ronin Network hack, by reopening the Ronin Bridge on June 28th.
Victims of the $620M Ronin Network hack will get their refunds soon
Sky Mavis, the creator of Axie Infinity, has confirmed that the company will reopen the Ronin Bridge on June 28th. This will effectively refund all users who fell victim to the massive $620 million Ronin Network hack in March 2022.
To recap, a total of 173,000 Ether and 25.5 million worth of USDC were stolen back then. Although the lost funds were mainly comprised of users' deposits on Ronin, hackers managed to steal 56,000 Ether from Axie Infinity's community treasury as well. After a thorough investigation, the FBI eventually identified a North Korean hacker group, Lazarus Group as the culprit behind the attack.
In a bid to refund users, Sky Mavis raised $150 million in a financing round led by Binance back in April. The company also pledged to repay $450 million worth of the lost funds out of its own pocket. Having done that, it is now possible for users to retrieve their lost Ether tokens, once the Ronin Bridge reopens next week.
What are the security measures to prevent similar attacks?
Following the incident, Sky Mavis released a security roadmap outlining steps to be taken to improve Ronin's security. One of them is to increase the number of validator nodes from 9 to 21 in the next 3 months. In the long term, this should go up to 100 nodes. As of writing, there are 11 active validator nodes on Ronin.
What's more, the company launched a $1 million bug bounty program, seeking help from white hat hackers to detect security flaws in the network. Just recently, the Ronin Bridge has passed an external audit by Certik with minor suggestions.
According to the team, the reopening of Ronin Bridge will take place on a Ronin hard-fork, which will require all validators to update their software. Node operators will know what to do next. With all things considered, hopefully, these security measures will help Sky Mavis to ward off similar attacks and protect users' funds on Ronin in the future.