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Sky Mavis, the development team behind the popular game Axie Infinity, has achieved a significant breakthrough in recovering $5.7 million associated with the 2022 Ronin Bridge hack. This success was possible through joint efforts with Norwegian authorities.
The funds were frozen and returned by Norway’s Økokrim, the central unit for combating economic and environmental crimes. The recovery was made possible through coordination among law enforcement, legal advisors, accountants, and blockchain forensic teams like Chainalysis. Sky Mavis expressed gratitude to Økokrim and the F.B.I. for their pivotal roles in the recovery process.
In addition to the $5.7 million, law enforcement has frozen another $40 million in assets related to the case. However, Sky Mavis clarified that the process of asset recovery will take time, with no specific timeline provided.
Regarding the allocation of the recovered funds, Sky Mavis announced that 15% will cover the costs incurred during the recovery efforts, while the remaining 85% will be placed into the Axie Infinity treasury.
The Ronin Bridge hack, which occurred on March 29th, 2022, remains one of the largest security breaches in the crypto world. This exploit resulted in the unauthorized withdrawal of 173,600 Ether (ETH) and 25.5 million USD Coin. In response, Sky Mavis initiated a funding round led by Binance, raising $150 million in April 2022. Since then, the team has bolstered the security of the Ronin network by adding more validators, including Google Cloud.
Despite the setback, Sky Mavis’ Ronin network continues to lead in blockchain gaming. With its flagship titles and ongoing player engagement, the platform has surpassed 20 million unique wallets. This milestone underscores Ronin’s dominance in Web3 gaming, driven by the success of Pixels and the enduring popularity of Axie Infinity.