Ronin

Axie Infinity

USDC

Axie Infinity maker Sky Mavis in a post announced a breakthrough in the <a href="https://news.todayq.com/crypto-market-lost-42-6-million-in-hacks-and-scams-in-may-2024/" rel="noopener noreferrer nofollow">recovery of stolen assets</a> during the notorious Ronin bridge hack. It stated that their team had received exciting news from the Norwegian government and Økokrim. Sky Mavis has new update in Ronin Hack 
The firm reported that the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has successfully frozen and returned $5.7 million in stolen assets.
Sky Mavis extended its heartfelt gratitude to Økokrim and the FBI for their relentless efforts in tracking down and recovering these assets for the Axie and Ronin communities.
It added that recovering these assets requires close coordination and dedicated effort amongst law enforcement agencies, lawyers, accountants, and blockchain forensic teams. Mavis named Chainalysis for putting effort into this operation.
However, 15% of the 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.
Mavis also reminded the community that an additional $40 million in assets has been frozen by law enforcement authorities. “These assets will take some time to recover and we don’t have enough information to give guidance around a specific timetable for recovering and returning this separate pool of assets”, it added. What’s the hack all about? 
The Ronin bridge hack is one of the largest in the crypto industry. The incident saw hackers stealing around $590 million. The attack was targeted towards the nodes operated by Sky Mavis and the Axie DAO, which support the bridge. It is a software that enables token conversion for use on the Ronin network.&nbsp;
It is important to note that the hackers drained the bridge of 173,600 Ether and 25.5 million USDC in two transactions. This incident highlights the inherent risks associated with blockchain bridges.&nbsp;
Several bridges lack proper code audits, and there is often a lack of transparency about who operates them and how they function. The identities of validators, responsible for ordering transactions on these bridges, are frequently unknown, adding to the security concerns.
As of now, Ronin (RON) is recovering from the incident. RON price is up by 66% on the year to date (YTD) basis. Ronin is trading at an average price of $3.07, at the press time. Its 24 hour trading volume is down by 51% to stand at $11.1 million.

Sky Mavis announces $5.7M recovered from Ronin hack

Todayq News

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