The popular play-to-earn (P2E) game developer Sky Mavis has revealed that, with the help of Norwegian authorities, it has recovered $5.7 million from the infamous Ronin Bridge incident of 2022. Sky Mavis revealed on June 7 that the “Økokrim,” Norway’s central unit for combating economic and environmental crimes, had froze and returned $5.7 million in proceeds from the Ronin Bridge breach. Law enforcement, attorneys, accountants, and blockchain forensic teams like Chainalysis needed to coordinate their operations, according to Sky Mavis.
The blockchain gaming firm publicly thanked the Norwegian government and the United States Federal Bureau of Investigation (FBI) for tracking the funds and recovering the assets.
The gaming corporation declared that the recently found money would be added back to the Axie Infinity reserve. But some of the money will go toward paying the costs of people who work hard to get them back. They penned.
“15% of recovered assets will be used to cover costs and expenses incurred by those involved in the recovery efforts. The remaining 85% of recovered funds will be deposited into the Axie Infinity treasury.”
The business also disclosed that law enforcement had frozen an additional $40 million in digital assets, on top of the $5.7 million in seized funds. The corporation said that they do not currently have a clear timeline for the restoration of these assets and that recovering them will take some time.
The Ronin Bridge hack remains one of the most costly security failures in the bitcoin industry. On March 29, 2022, the Ronin network revealed a security compromise involving the Ronin Bridge, a system for transferring assets from Ethereum to Ronin. The attacker exploited compromised private keys to fake withdrawals, draining 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) in two transactions totaling $3,813 and $1.00, respectively. At that time, the assets were worth $612 million.
Sky Mavis collected $150 million to reimburse harmed consumers in a financing deal headed by cryptocurrency exchange Binance in April 2022. Since then, the Axie Infinity designers have strengthened the Ronin blockchain’s security by collaborating with other validators such as Google Cloud. Despite the event, Ronin is still a leading blockchain for nonfungible tokens. It now ranks third among the top blockchains in terms of total NFT sales, after only Solana and Ethereum.