Sky Mavis Reclaims $5.7M Stolen in Ronin Bridge Hack
“15% of recovered assets will be used to cover costs and expenses incurred by those involved in the recovery efforts. The remaining 85% of recovered funds will be deposited into the Axie Infinity treasury.”
The popular play-to-earn (P2E) game developer Sky Mavis has revealed that, with the help of Norwegian authorities, it has recovered $5.7 million from the infamous Ronin Bridge incident of 2022.
Sky Mavis reported on June 7 that Økokrim, Norway’s central unit for combating economic and environmental crimes, had frozen and returned $5.7 million in cash related to the Ronin Bridge hack.
Law enforcement, attorneys, accountants, and blockchain forensic teams like Chainalysis needed to coordinate their operations, according to Sky Mavis.
The blockchain gaming company publicly congratulated the US Federal Bureau of Investigation and the Norwegian government for their assistance in locating the funds and reclaiming the assets.
The gaming company declared that the recently found money would be added to the Axie Infinity Treasury. However, some funds will pay the costs of people working hard to get them back. They stated:
“15% of recovered assets will be used to cover costs and expenses incurred by those involved in the recovery efforts. The remaining 85% of recovered funds will be deposited into the Axie Infinity treasury.”
The company reported that law enforcement has frozen an additional $40 million in digital assets on top of the $5.7 million in recovered funds. The business said that retrieving these assets will take time and that it does not currently have a defined timeline.
In crypto, the Ronin Bridge hack remains one of the most expensive security breaches. On March 29, 2022, the Ronin network discovered a security issue impacting the Ronin Bridge, a mechanism that makes it easier to transfer assets from Ethereum to Ronin.
When an attacker used compromised private keys to simulate withdrawals, the exploit saw 173,600 Ether and 25.5 million USD Coin drain in two transactions. The assets’ value was $612 million.
In April 2022, Sky Mavis held a financing round headed by crypto exchange Binance, raising $150 million to compensate impacted consumers. Since then, by collaborating with other validators like Google Cloud, the architects of Axie Infinity have strengthened the security of the Ronin blockchain.
