The Ronin Bridge Hack Victims will Receive Compensation from AXIE Infinity Developer Sky Mavis
- On June 28, the bridge will reopen as well, necessitating a hard fork that will force all validators to upgrade their software.
- The FBI has connected the incident to the North Korean hacker organization “Lazarus.”
- Sky Mavis raised $150 million in an investment round headed by Binance in April. The business declared that it would use the money to pay the victims of the hack.
On November 26, Sky Mavis, the development team behind Axie Infinity, announced that it would be reimbursing users who lost funds in a hack of the Ronin Bridge smart contract. A total of $216.5 million in USDC and Ethereum will be returned to users at today’s prices. This is one of the largest hacks in the history of cryptocurrency and represents a major setback for the young project.
The hack took place in March and resulted in the loss of over 173,600 ETH and $25.5 million USDC. The attacker was able to exploit a flaw in the Ronin Bridge validator node vulnerability to transfer funds from user wallets.
Sky Mavis has been working tirelessly to track down the hacker and return the stolen funds.
This is a huge win for Axie Infinity and its community. Not only have they been able to recover all of the stolen funds, but they have also shown that they are committed to protecting their users’ interests. This incident will no doubt strengthen confidence in the project and help it continue on its path to becoming one of the leading games on Ethereum.
Lazarus is a North Korean hacking group that has been linked to the Ronin Bridge hack by the FBI. The bridge will be restarted on June 28, which will require a hard fork in which all validators will have to update their software. This is just one of many examples of how Lazarus has used its skills to carry out cyberattacks.
In 2016, Lazarus was responsible for an $81 million heist from Bangladesh’s central bank. The group used malware to gain access to the bank’s computer systems and then transferred money from its accounts to fake ones set up by Lazarus. The group also hacked Sony Pictures in 2014, causing major damage and leading to the release of sensitive information.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
