- Sky Mavis, developers of Axie Infinity stated that after three audits, Ronin Bridge is officially open and ready for use.
- Ronin returns after the hack he suffered in March due to a vulnerability that caused Axie Infinity to lose $552 million dollars.
- Sky Mavis has developed a new design for the Ronin Bridge which includes a system of circuit breakers as a contingency plan that increases the security of the bridge by stopping large suspicious removals.
Three months ago, the Ronin Bridge was hacked with losses totaling up to US$552 million. After such an incident, many gave up everything but it turns out that Ronin Bridge has returned stronger.
Sky Mavis, developers of Axie Infinity, issued a statement on June 28 where they reported that, after three audits, the Ronin Bridge is officially open and ready to be used by all users. These three audits of the network correspond to one internal and two external carried out by Verichains and Certik.
It is important to remember that this type of hack that the Ronin Bridge experienced in March is achieved when a user finds a vulnerability in the code that allows money to be stolen, so the audits have precisely the objective of finding these vulnerabilities before someone else does. and correct them to improve network security.
Ronin Bridge rises from the ashes
In March, hackers managed to access the validator’s private keys, and with it, they were able to mine 173,600 ETH and 25.5 million USDC. This attack caused Sky Mavis to work hard to prevent such an incident from happening again.
It is for this reason that it took three months to improve the security levels of the network. In addition to various audits to ensure there are no vulnerabilities.
“During the audit process, the team identified some vulnerable issues in the app, along with some recommendations. The Sky Mavis team has resolved and updated the smart contract code following our recommendations. Ronin Bridge Smart Contracts passed with no Medium, High, or Critical severity issuesVerichains said.
stronger, safer
According to the statement, A new design of the Ronin Bridge has been developed which includes a circuit breaker system as a contingency plan that increases the safety of the bridge by stopping large suspicious extractions.
The new bridge design and contingency plan includes removal thresholds, which are:
- Level 1: 70% of the validator’s signatures.
- Level 2: More than $1M requires 90% of validator signatures.
- Level 3: More than $10M requires 90% of validator signatures + human review. This type of withdrawal is subject to a 7-day review process.
Likewise, have updated the Bridge Smart Contract software with the goal of validators setting a daily Ronin Bridge withdrawal limit. Initially this limit will be $50 million USD and each day will reset at 00:00 UTC, and what happens if the day just started and the daily withdrawal limit is reached? Well, according to the statement, in that case an administrator can restore it.
“Thank you for your patience as we worked diligently to strengthen the security of Ronin… We are more committed than ever to making Ronin the industry standard for blockchain gaming and consumer applications.””, the statement said.
Also, according to the Sky Mavis announcement, full compensation of stolen user assets has been made:
“Tall wETH and USDC owned by Ronin Network users are now fully backed 1:1 by ETH and USDC on Ethereum, as promised. All users they are complete”.
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