Sky Mavis, the team behind the popular play-to-earn game Axie Infinity, has announced a notable achievement in recovering $5.7 million associated with the Ronin Bridge hack of 2022, thanks to collaborative efforts with Norwegian authorities. This recovery signifies a significant step in addressing cryptocurrency security concerns and highlights the importance of cross-border cooperation in combating digital asset fraud. In this article, we will cover everything you need to know about fund allocation and ongoing asset recovery efforts.

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Sky Mavis Recovers Millions 

Announced on June 7th, Sky Mavis revealed that Norway’s Økokrim, the central unit for combating economic and environmental crimes, had intervened to freeze and return the aforementioned sum associated with the Ronin Bridge hack.

This achievement was the result of a concerted effort involving law enforcement agencies, legal advisors, accountants, and blockchain forensic teams, notably Chainalysis. Expressing gratitude, Sky Mavis extended public acknowledgment to both the Norwegian government and the United States Federal Bureau of Investigation for their instrumental roles in tracking and retrieving the assets.

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$40 million in Digital Assets Frozen

In addition to the $5.7 million recovered, Sky Mavis announced that law enforcement authorities have frozen an additional $40 million in digital assets related to the incident. However, the company clarified that the process of recovering these assets will require time, and no specific timetable has been established for their release.

A portion of the recovered funds will be designated to cover the incurred expenses, with Sky Mavis outlining the distribution plan: "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."

Statement from Sky Mavis

Ronin Bridge Hack

The Ronin Bridge breach occurred on March 29th, 2022, and remains one of the most substantial security breaches in the world of crypto. The exploit resulted in the unlawful withdrawal of 173,600 Ether (ETH) and 25.5 million USD Coin.

In response to the breach, Sky Mavis orchestrated a funding round led by crypto exchange Binance, raising $150 million in April 2022 to compensate affected users. Subsequently, the Axie Infinity creators have fortified the security of the Ronin blockchain by enlisting additional validators, including Google Cloud.

Ronin Blockchain Logo

Ronin Network Dominate Web3

Despite the major hack and setback in 2022, Sky Mavis’ Ronin continues to lead the charge in the blockchain gaming world, with substantial contributions from its flagship titles and ongoing community engagement through events and new game releases. 

The Ronin network has solidified its position as the leading gaming-specific blockchain, recently surpassing an impressive milestone of 20 million total unique wallets. This achievement highlights Ronin's dominance in the blockchain gaming sector, propelled by the growth of social RPG Pixels and the enduring popularity of Axie Infinity.