Axie Infinity Developer Sky Mavis Recovers $5.7M From 2022 Ronin Bridge Hack

Sky Mavis, the developer behind the popular game Axie Infinity, has successfully recovered $5.7 million related to the infamous 2022 Ronin Bridge hack with the help of Norwegian authorities.

Sky Mavis, the studio behind the popular NFT game Axie Infinity, has recovered $5.7 million in stolen funds with the help of Norwegian authorities.

The funds were frozen and returned by Økokrim, Norway's central economic and environmental crime unit, following the 2022 Ronin Bridge hack.

According to Sky Mavis, the recovery efforts involved collaboration between law enforcement, legal teams, accountants and blockchain experts.

The studio thanked the Norwegian government and the US Federal Bureau of Investigation for their role in tracing and recovering the assets.

The recovered funds will be returned to Axie Infinity's treasury, with a portion allocated to covering expenses incurred during the recovery process.

Specifically, 15% of the recovered funds will be used to cover these costs, while the remaining 85% will be deposited into the Axie Infinity treasury.

The company also noted that an additional $40 million in digital assets have been frozen by law enforcement. However, the timeline for the recovery of these additional assets is yet to be determined.

The Ronin Bridge exploit was one of the largest crypto sector security breaches.

On March 29, 2022, a breach in the Ronin Bridge, an asset transfer protocol from Ethereum to Ronin, led to the theft of 173,600 ETH and $25.5 million in USD Coin (USDC) across two transactions using compromised private keys.

At the time, the stolen assets were valued at $612 million.

To compensate affected users, Sky Mavis raised $150 million in April 2022 with a funding round led by crypto exchange Binance to fully reimburse users.

Since the incident, the creators of Axie Infinity have also bolstered the security of the Ronin blockchain by onboarding additional validators, including Google Cloud.

Despite the hack, Ronin remains the leading non-fungible token (NFT) blockchain, ranking third in all-time NFT sales, following Solana and Ethereum.