What was once viewed as one of the largest crypto hacks in history is now beginning to fade. Three months after an exploit of approximately $600 million in cryptocurrencies stolen from the protocol, Axie Infinity’s Ronin bridge has been restored.
The Ronin bridge is back online after three audits (one internal and two external), with user funds fully backed up on a 1:1 basis by the new bridge and users made whole.
The Ronin Bridge has been closed since March as Axie Infinity developer Sky Mavis worked to recover user funds. The attack went unnoticed for six days until a user attempted to withdraw funds and could not do so.
In relation to the current announcement, the Ronin Bridge was audited by blockchain security firms Verichains and Certik. The bridge also has a new “circuit-breaker system” to prevent suspicious users from making unusually large withdrawals.
The network has also changed its governance process, which will now be conducted through a decentralized voting mechanism. Developers are also on track to add Land Staking this week, according to the announcement.
The Bridge Smart Contract software is also updated for validators to set a daily withdrawal limit from the Ronin Bridge, with an initial daily withdrawal limit of $50 million that is reset daily.
Tier 1 withdrawals require 70% of validators to sign off, while Tier 2 withdrawals require 90% of validator signatures. Tier 3 withdrawals require a 90% validator sign-off, a small transaction fee, and a seven-day review process.
Sky Mavis and Axie Infinity’s total liability is currently 117,600 ETH and 25.5M USDC. This is in addition to the 56,000 ETH missing from the Axie DAO treasury, which the network notes will remain uncollateralized for at least two years before the next steps are taken.
