Axie Infinity's Ronin Bridge Reopens, $625 Million Ready to Pay Compensation to Victims of the Hack

AXI Infinity Hack

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Axie Infinity's Ronin Bridge Reopens, $625 Million Ready to Pay Compensation to Victims of the Hack

Axie Infinity’s Ronin bridge has re-opened and the company will reimburse all affected victims of the US$625 million hack on March 30, according to a tweet from officials. The Ronin bridge is a sidechain to the Ethereum network that allowed users to transfer assets between both chains.

The re-opening will take place this week, but it will require a hard fork and all validators to update their software and upgrade their nodes.The company also shared that blockchain security firm Certic had audited the Ronin bridge several times and came back with small suggestions.

Important News for the Axie Community

The Axie Infinity community bled after the company’s Ronin bridge suffered the biggest DeFi hack in history, with over US$600 million stolen in just a few hours.

 It was later reported that a South Korean hacking group, Lazarus, was behind the hack, according to US authorities, who found out that a sanctioned Ethereum wallet was the same wallet used to receive the stolen funds. The hackers used TornadoCash to launder over 20 percent of the funds.

The Ronin bridge for Axie Infinity was officially opened by the team. The Ronin bridge is an off-chain solution for Axie Infinity, and will increase network connectivity and speed transaction processing, as well as enabling smart contract creation on the blockchain. 

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