Ronin, an Ethereum-linked sidechain that hosts the Axie Infinity play-to-earn game, intends to commence its bridge again next week which will make it 3 months after it suffered a $600 million hack.
The Ronin March 23rd Hack
On March 23, hackers later identified as the North Korean group Lazarus, took control over five out of the nine validator nodes on Ronin, allowing them to steal 173,600 ETH and 25.5 million USDC from the bridge. These funds were that time over $600 million, making it one of the biggest hacks to date. Then, the team has to freeze the exploited bridge and stop Katana, a decentralized exchange on the sidechain.
The bridge is set to go live this coming Thursday as promised by the team to reimburse those affected in the course of the financial exploit.
What is Ronin?
This is called a wallet for Sky Mavis’s Ronin sidechain, which is the boarding pas to a new digital nation.
This extension permits users to play Axie Infinity and other decentralized applications running on Ronin, an Ethereum sidechain built specifically for Blockchain games.
Uses of Ronin Wallet
· To manage your digital identity and experience 100% true ownership of your assets.
· To send transaction without paying expensive gas fees
The Ronin development team, funde by Axie Infinity creator Sky Mavis confirmed in a Twitter post yesterday the ropening of the bridge by June 28th. Although, the reopening day has been slated for this week Thursday but it was not possible due to the slight delay.
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"Our engineering team has been hard at work preparing for the bridge to re-open," it was stated in the tweet that the reopening will require the network hard fork in which the validators decide to upgrade their software. Read Also: Scam Alert: NFT Major OpenSea gets Its Main Discord Hacked
In April, the game's creator Sky Mavis raised $150 million from investors, including crypto exchange Binance and venture capital firms Andreessen Horowitz and Paradigm. This amount, plus Sky Mavis' own funds, will help reimburse affected users.