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Akira Ming
Akira Ming
Jun 10, 2024

Sky Mavis Recovers $5.7 Million from the Ronin Bridge Hack

The creators of Axie Infinity have successfully recovered $5.7 million from the 2022 Ronin Bridge hack with the help of Norwegian authorities. Another $40 million in assets remain frozen, awaiting further recovery efforts.
Sky Mavis Recovers $5.7 Million from the Ronin Bridge Hack

Sky Mavis, the team behind Axie Infinity, has made a major breakthrough in recovering $5.7 million linked to the 2022 Ronin Bridge hack. This was made possible thanks to collaborative efforts with Norwegian authorities.

Sky Mavis disclosed that Norway's Økokrim, the central unit for combating economic and environmental crimes, froze and returned the recovered funds. This was done via a coordinated effort among law enforcement, legal advisors, accountants, and blockchain forensic teams like Chainalysis. Sky Mavis publicly expressed gratitude to both Økokrim and the F.B.I. for their pivotal roles in tracking the funds.

Apart from the $5.7 million, Sky Mavis announced that law enforcement has frozen another $40 million in separate assets related to the case. However, the team clarified that the process of asset recovery will take time, and no specific timeline has been given.

As to how the returned funds will be allocated, Sky Mavis said that 15% will be used to cover costs incurred during the recovery efforts. The other 85% will be placed into the Axie Infinity treasury.

The Ronin Bridge hack, which occurred on March 29th, 2022, stands as one of the biggest security breaches in the crypto world. The exploit led to the unlawful withdrawal of 173,600 Ether (ETH) and 25.5 million USD Coin. In response, Sky Mavis launched a funding round led by Binance, raising $150 million in April 2022. The team has since strengthened the security of the Ronin network by adding more validators, such as Google Cloud.

Despite the setback, Sky Mavis' Ronin network continues to lead in the world of blockchain gaming. With contributions from its flagship titles and ongoing player engagement, the platform recently surpassed 20 million unique wallets. This amazing feat highlights Ronin's dominance in Web3 gaming, driven by the growth of Pixels and its ever-popular Axie game

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