Ronin sidechain restarted. All users received compensation

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The developers have restarted the Ronin Network sidechain involved in the blockchain game Axie Infinity and have reimbursed users for the funds they lost as a result of the March hack.

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“All wETH and USDC owned by Ronin Network users are now fully backed 1:1 ETH and USDC on the Ethereum network as promised. All users received compensation,” the statement said.

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Assets stolen from the treasury of Axie DAO (56,000 wETH) are expected to be returned with the assistance of law enforcement agencies. If funds cannot be recovered within two years, the decentralized organization will vote on how to proceed.

On March 23, 2022, Ronin was hacked – hackers withdrew 173,600 ETH and 25.5 million USDC from the cross-chain bridge of the project.

As a result of a phishing attack on one of the employees of Sky Mavis (behind the development of Axie Infinity), the attackers managed to gain access to the company’s infrastructure and Ethereum sidechain validators.

The developers later noted that the hackers used social engineering. The attack was carried out in December 2021.

Initially, the team expected to restart the network in mid or late May, but the deadline was subsequently postponed.

On June 21, the developers reported that the protocol was audited by Certik specialists with “small comments”. According to them, it was the conduct of the check that delayed the restart of Ronin.

According to a statement released today, the project’s codebase has also been reviewed by Verichains.

The developers said that the Ronin cross-chain bridge received a new design that includes a system that allows you to turn off the decentralized application in emergency cases. According to them, this will increase its security and minimize the damage from suspicious transactions.

In June 2022, hackers stole about $100 million worth of assets in an attack on the Horizon cross-chain bridge of the Harmony ecosystem.

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Source: Cryptocurrency

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