Categories: Business

Sky Mavis says $5.7M recovered from $600M Ronin exploit


Share this article

Sky Mavis has recovered $5.7 million of funds stolen from Axie Infinity’s Ronin Bridge, according to a Friday announcement from the team.

The recovery was achieved through the collaborative efforts of various entities, including the Økokrim, a Norwegian law enforcement agency, and the FBI, said Sky Mavis. Specifically, Økokrim successfully froze and returned $5.7 million stolen from the bridge hack.

“We’d like to publicly extend our heartfelt gratitude to everyone who assisted in the recovery efforts, especially Økokrim and the FBI in the US, for their tireless effort to track down and recover these assets for the Axie and Ronin communities,” the team stated.

Allocation of recovered funds

Sky Mavis noted that approximately 15% of the recovered assets will cover recovery efforts, while the remaining 85% will go to the Axie Infinity treasury.

According to the team, recovering stolen crypto requires collaboration between law enforcement, legal professionals, financial experts, and blockchain specialists, including Chainalysis.

In addition to $5.7 million in recovered funds, law enforcement has frozen an additional $40 million in stolen assets. However, recovering these funds will take longer, with no definitive timeline provided for their return.

On March 29, 2022, the Ronin network suffered a major security breach, resulting in a loss of 173,600 ETH and 25 million USDC, totaling about $600 million.

Following the incident, Sky Mavis raised $150 million to reimburse users. In April 2022, Binance reported that the exchange had recovered $5.8 million of funds stolen in the Ronin Bridge attack.

Sky Mavis has since enhanced security measures, including partnerships with new validators like Google Cloud.

Share this article



Source link

CryptoCanada

Share
Published by
CryptoCanada

Recent Posts

Cardano (ADA) Could Explode by 75%, But Under This Condition (Analyst)

TL;DR Analysts predict ADA could surge to $1.30, $1.60, or even a new all-time high…

2 hours ago

France Moves To Mine Bitcoin With Nuclear Power — Here’s What We Know

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure France is…

23 hours ago

Traders memecoin pick for 2025, and it’s not DOGE or SHIB

Disclosure: This article does not represent investment advice. The content and materials featured on this…

24 hours ago

TradFi Wallet Buys $141.6M Ethereum From FalconX: Another Whale Joins Accumulation Trend

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Ethereum is…

24 hours ago

40% Of Blockchain Fees Go To Just Moving USDT

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Tether CEO…

24 hours ago

VanEck Says One Altcoin Ecosystem Seeing Early Institutional Tokenization Interest Amid Surge in Stablecoins

Crypto asset management giant VanEck says that one altcoin project is flashing major signs of…

24 hours ago