Axie Infinity’s Ronin Bridge to Re-Open After $552M Hack
Sky Mavis, the developer behind the play-to-earn video game Axie Infinity said that it’s preparing to re-open the Ronin bridge that fell victim to a $552 million hack in March. The re-opening of the Ronin bridge, which was used by players to transfer assets between the Ronin chain and the Ethereum network, is planned on June 28th, “with all user funds returned,” according to the latest community update. The team also said that a hard fork will be required for the re-launch of the bridge, which means that all node operators will be required to update their software. Node operators that act as validators on the network have already been informed what steps they need to take, whereas the non-validator nodes will need to follow specific instructions shared by the developers. The Ronin bridge exploit at the end of March was one of the largest in the world of crypto, with the hacker making away with an estimated $552 million in Ethereum and USDC (based on their value at the time of the hack) being drained from the protocol. The attacker reportedly used stolen private keys to sign transactions from five of the nine validator nodes on the network, including four of Sky Mavis’ own validators.