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Axie Infinity Ronin Bridge relaunches after hack

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After the hack, Axie Infinity’s Ronin Bridge has been audited and relaunched successfully and is accessible for all users.

Following the historic DeFi hack, Ronin blockchain has recently announced that the Ronin Bridge has been reopened and is now accessible to users.

Following the historic DeFi hack, Ronin blockchain has recently announced that the Ronin Bridge has been reopened and is now accessible to users.

According to Ronin’s newsletter, the relaunch comes after three successful audits, one internal and two external audits by Verichains and Certik, to address development issues that caused the system to be hacked and make changes to improve.

The Ronin Bridge has returned

Verichains and Certik are two of the crypto sector’s leading audit firms. Following the attack, these companies examined the Ronin Bridge Smart Contracts and their components and disclosed key findings regarding system security.

During the audit process, the audit team had identified some vulnerable issues in the application, along with some recommendations. Sky Mavis team has resolved and update smart contract code following our recommendations. Ronin Bridge Smart Contracts has passed with no Medium, High, or Critical severity issues

Verichains

A new circuit-breaker system is integrated into the Ronin’s design in this return, serving as an extra security layer to monitor and suspend any large suspicious withdrawals.

When the system detects transactions that are too large to withdraw from the network, the circuit is shut down for verification.

Hacks can be found everywhere

The previous event was not noticed and confirmed by Sky Mavis until six days after the user reported being attacked, which is why this is significant.

The number of validator nodes will grow in the future. Instead of the previous requirement of 5 out of 9 nodes, the network will now require authentication from 10 out of 11 nodes.

Sky Mavis, the team behind Ronin Bridge and Axie Infinity, announced the reopening plans separately earlier. Three months after the incident, this occurred.

On March 23, cyber attackers (later identified as the Lazarus gang from North Korea) took control of 5 of Ronin’s 9 validator nodes, allowing them to steal 173,600 ETH and 25.5 million USDC from the bridge.

These assets were worth over $600 million at the time of the incident, making it one of the most significant hacks in crypto history. After discovering the hack, the developers suspended the bridge and halted Katana, a decentralized exchange on the sidechain.

Sky Mavis teams up with Binance and Animoca Brands

Sky Mavis is collaborating with organizations like Binance and Animoca Brands to generate $150 million in order to compensate the attack victims.

Co-founder and COO of Axie Infinity Alexsander Larsen acknowledged that the system’s decentralized core was undeveloped, giving hackers a good chance while subjecting users to hardship in an interview with CoinDesk in April.

As a result of the occurrence, many people questioned if a DeFi initiative was truly decentralized.

According to CoinDesk, the overall pattern of the cryptocurrency business is now very concentrated development at an early level. Then, in line with the development of technology and user numbers, the projects make decentralization a promise.

Sky Mavis changed from the highly decentralized Ethereum network to the Ronin network to reduce costs and speed up transactions.

However, because it has a limited number of validating nodes and is primarily watched by Sky Mavis, the Ronin network has recently received a low rating. The business anticipated it as a growth trade-off, but it had no clue it would be so vulnerable to assault.

In order to solve the system vulnerability, the team made the decision to establish and build formal security technology solutions in cooperation with a number of network security professionals.

The best services for defending consumers and their tokens from hacker attacks will come from adopting this strategy.

Sky Mavis is currently in difficulty since Axie’s gaming model started to lose its allure, in addition to reimbursement and security.

The Play-to-Earn revolution has been pushed to the brink of recession by the drop in Axie Infinity players over time. With Axie Infinity: Original, Sky Mavis made its transition to the Play-and-Earn model official.

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