Ronin plans to reopen in mid-to-late May

The Ethereum sidechain Ronin Network released a vulnerability report.

The report shows that the hack resulted in the theft of 173,600 Ethereum and 25.5 million USDC. Hackers infiltrated Sky Mavis IT infrastructure and gained access to validating nodes through a phishing attack on Sky Mavis, discovered a backdoor through our Gas-free RPC node, and obtained the signature of the AxieDAO validating node, thus controlling 5/9 verification node.

Ronin Network said that the current security measures taken by Sky Mavis include working with security companies to build defense systems, increasing the number of validating nodes, implementing stricter internal control procedures, conducting audits, establishing a trustless organization, launching bug bounties, and conducting ISO27001 and other Safety-related certifications.

Additionally, the Ronin Network is expected to deploy the upgrade by the end of April and officially open in the first half of May, with all stolen funds secured by recent Sky Mavis financing, Axie Infinity and Sky Mavis assets, and personal funds from the core team.

The Ronin Network cross-chain bridge was hacked in March, Axie Infinity co-founder and COOPsycheout tweeted that after an in-depth forensic review of the internal network, the hack was found to be a social engineering attack and human error in December 2021 caused. And said that Sky Mavis’ technology is reliable, and several new validator nodes will be added to the Ronin network to further decentralize the network. Axie Infinity is committed to ensuring that all depleted funds are recovered or repaid and are continuing to engage in dialogue with stakeholders to determine the best course of action.

Axie Infinity also delayed a planned Origin upgrade because of the hack.

In order to ensure that it is not affected by hacker attacks, it was reported on April 6 that Axie Infinity development company Sky Mavis completed a $150 million financing, led by Binance, and participated by Animoca Brands, a16z, Dialectic, Paradigm and Accel. The purpose of this round of financing is to compensate the user funds affected by the Ronin attack, mainly to restore the funds of the Ronin Bridge.

Posted by:CoinYuppie,Reprinted with attribution to:
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