Sky Mavis recovers $5.7 million stolen in Ronin Bridge hack
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Popular peer-to-peer game developer Sky Mavis says it has recovered $5.7 million from the infamous Ronin Bridge incident in 2022 with the help of Norwegian authorities.
According to Sky Mavis, law enforcement, lawyers, accountants, and blockchain forensics teams like Chainalytic have had to coordinate their operations.
Sky Mavis, the developer of popular play-to-earn (P2E) games, says it has recovered $5.7 million from the infamous Ronin Bridge incident in 2022 with the help of Norwegian authorities.
Sky Mavis reported on June 7 that Økokrim, Norway’s central agency fighting economic and environmental crime, froze and returned $5.7 million in cash linked to the Ronin Bridge hack.
Today we received exciting news from the Norwegian government and Økokrim. The Norwegian Agency for the Investigation and Prosecution of Economic and Environmental Crimes (Økokrim) has successfully frozen and returned $5.7 million in assets stolen from Ronin Bridge… — Sky Mavis (@SkyMavisHQ) June 7, 2024
According to Sky Mavis, law enforcement, lawyers, accountants, and blockchain forensics teams like Chainalytic have had to coordinate their operations.
The blockchain gaming company publicly congratulated the U.S. Federal Bureau of Investigation and the Norwegian government for helping it locate the funds and recover its assets.
The gaming company declared that the recently discovered funds will be added to the Axie Infinity Treasury. But some funds will pay for people working hard to get their money back. They said:
“15% of recovered assets will be used to cover costs and expenses incurred by those involved in recovery efforts. The remaining 85% of the recovered funds will be deposited into the Axie Infinity treasury.”
The company reported that law enforcement froze an additional $40 million in digital assets in addition to the $5.7 million in recovered funds. The company said retrieving these assets will take time and there is currently no set timeline.
In the cryptocurrency space, the Ronin Bridge hack still remains one of the costliest security breaches. On March 29, 2022, the Ronin network discovered a security issue affecting the Ronin Bridge, a mechanism that makes it easier to transfer assets from Ethereum to Ronin.
173,600 Ether and $25.5 million in coins were leaked in two transactions when an attacker simulated a withdrawal using compromised private keys. The asset value was $612 million.
In April 2022, Sky Mavis held a funding round led by cryptocurrency exchange Binance, raising $150 million to compensate affected consumers. Since then, Axie Infinity designers have worked with other validators, such as Google Cloud, to enhance the security of the Ronin blockchain.
Despite the tragedy, Ronin is still the best blockchain for non-fungible tokens (NFTs). It currently ranks third among major blockchains in terms of overall NFT sales, behind Ethereum and Solana.
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