Axie Infinity Developer Sky Mavis Reclaims $5.7M from Major Hack

Last Updated on June 10, 2024

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Key Takeaways:

  • Sky Mavis recovered $5.7 million from the 2022 Ronin Bridge hack with Norwegian authorities’ help.
  • 15% of the recovered funds will cover recovery expenses; 85% will go to the Axie Infinity treasury.
  • $40 million in digital assets related to the hack remain frozen, with no timeline for their return.

Sky Mavis, the company behind Axie Infinity, has recovered $5.7 million from the 2022 Ronin Bridge hack with the help of Norwegian authorities.

Norway’s Økokrim froze and returned the stolen funds after extensive coordination with law enforcement, legal experts, accountants, and blockchain forensic teams like Chainalysis.

The company expressed gratitude to both Norwegian authorities and the FBI for their roles in the recovery.

Of the recovered funds, 15% will be used to cover recovery expenses, with the remaining 85% going to the Axie Infinity treasury.

Additionally, $40 million in digital assets related to the hack have been frozen, with no set timeline for their return.

The Ronin Bridge hack, one of the largest security breaches in cryptocurrency, occurred on March 29, 2022, resulting in the theft of 173,600 Ether and 25.5 million USD Coin, worth $612 million at the time.

In response, Sky Mavis raised $150 million to reimburse affected users and has since improved the Ronin blockchain’s security.

Despite the breach, Ronin remains a leading blockchain for NFTs.

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