United

Ronin

April

Axie Infinity

Sky Mavis, the company behind the popular play-to-earn (P2E) game Axie Infinity, has announced that, with the assistance of Norwegian authorities, it has recovered $5.7 million from the notorious Ronin Bridge incident of 2022.
On June 7, Sky Mavis announced that Norway’s central unit for fighting economic and environmental crimes, called Økokrim, froze and returned $5.7 million in funds from the Ronin Bridge hack. 
Sky Mavis said the efforts required coordination between law enforcement, lawyers, accountants and blockchain forensic teams such as Chainalysis. 
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 Source: <a href="https://twitter.com/SkyMavisHQ/status/1799026039454409004" target="_blank" rel="noopener nofollow">Sky Mavis</a>
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The blockchain gaming firm publicly thanked the Norwegian government and the United States Federal Bureau of Investigation for tracking the funds and recovering the assets. 
<h2 id="some-of-the-funds-will-be-used-to-cover-expenses">Some of the funds will be used to cover expenses</h2>
The gaming company said the newly recovered funds would return to the Axie Infinity&nbsp;treasury. However, a portion of the funds will be allocated to cover the expenses of those who put in effort to recover them. They wrote: 
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Meanwhile, the company announced that in addition to the $5.7 million in recovered funds, law enforcement has frozen an additional $40 million in digital assets. The company stated that recovering these assets will take time, and they do not yet have a specific timetable for their return.
Related: <a href="https://cointelegraph.com/news/dmm-bitcoin-raises-320m-recover-funds-hack-crypto-exchange-raises-320-m-to-recover-funds-after-major-hack">Japanese crypto exchange raises $320M to recover funds after major hack</a>
<h2 id="the-ronin-bridge-incident">The Ronin Bridge incident</h2>
The Ronin Bridge hack is still one of the costliest security breaches in the cryptocurrency space. On March 29, 2022, the Ronin network&nbsp;<a href="https://cointelegraph.com/news/axie-infinity-s-ronin-bridge-hacked-for-over-600m">reported a security breach affecting its Ronin Bridge</a>, a protocol that facilitates asset transfers from Ethereum to Ronin.
The exploit saw 173,600 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and 25.5 million USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) drained in two transactions when an attacker used hacked private keys to fake withdrawals. At the time, the assets were worth $612 million.
Sky Mavis <a href="https://cointelegraph.com/news/axie-infinity-creator-raises-150m-led-by-binance-to-reimburse-stolen-funds">raised $150 million to reimburse affected users</a> in April 2022 through a funding round led by crypto exchange Binance. Since then, the Axie Infinity creators have bolstered the Ronin blockchain’s security by teaming up with more <a href="https://cointelegraph.com/news/lesson-learned-sky-mavis-teams-up-with-google-cloud-to-avoid-another-ronin-hack">validators like Google Cloud</a>. 
Despite the incident, Ronin remains a top blockchain for <a href="https://cointelegraph.com/learn/what-are-nfts-and-why-are-they-revolutionizing-the-art-world">nonfungible tokens (NFTs)</a>. Currently, it is <a href="https://cointelegraph.com/news/bitcoin-nfts-4-billion-all-time-sales-volume">ranked third&nbsp;among the top blockchains</a> by all-time NFT sales, trailing behind Solana and Ethereum. 
Magazine: <a href="https://cointelegraph.com/magazine/could-ai-ruin-gaming-the-voice-sandbox-battle-duet-monsters-web3-gamer/">How AI could ruin gaming, The Voice, addictive Axies game: Web3 Gamer</a>

Sky Mavis recovers $5.7M from Ronin Bridge hack

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