Cryptocurrency

Axie Infinity’s Ronin Bridge Back Online After $622M USD Hack

Users can now make deposits and withdrawals using the Ronin network.

Cryptocurrency

Axie Infinity’s Ronin Bridge Back Online After $622M USD Hack

Users can now make deposits and withdrawals using the Ronin network.

Axie Infinity announced the reopening of its Ronin bridge on Tuesday, June 28, marking a big step forward for the NFT-powered play-to-earn (P2E) game that recently suffered a cybersecurity exploit costing it over $600 million USD in digital assets.

The Ronin bridge, like other crypto bridges, is a protocol that enables digital assets to travel between blockchains, whether in the form of cryptocurrency or an NFT. The Ronin bridge specifically allows for funds to be transferred between the Ronin and Ethereum blockchains.

To provide the highest level of security and assure there are no gaps in the new bridge, Axie Infinity conducted its own internal audit, and received additional external audits from Verichains and Certik.

User funds are now fully backed one-to-one by the new bridge and all users who were affected by the March exploit have been reimbursed. The new bridge also includes a circuit-breaker system that acts as a contingency plan — should another exploit take place, large and suspicious withdrawals will be automatically flagged and halted.

In an increased security measure, the overall bridge now has a daily limit on withdrawals set to $50 million USD. If the daily limit is reached early in the day it can be reset by an administrator.

Axie is continuing to push through the adversities of exploits and crypto winter. At the end of its most recent newsletter, the blockchain game shared that its future success lies in the hands of “game developers who will leverage Ronin to create a broad-based gaming ecosystem that shares a massive user base, community-owned protocols, applications, and deep asset liquidity.”

It also announced that the platform is on track to release Land Staking integrations.

In other news, Ark Invest CEO says NFTs and DeFi “are going to be incredibly important.”

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