Sky Mavis made 5.7 million of Ronin’s $600 million exploits
Share this article
Sky Mavis has recovered $5.7 million stolen from the AXE Infinity Ronin Bridge, the team announced Friday.
The recovery was the result of a collaborative effort by several entities, including Økokrim, Norway's law enforcement agency and the FBI, Sky Mavis said. Notably, Økokrim successfully recovered the $5.7 million stolen from the bridge hack.
“We would like to publicly express our sincere thanks to all those who helped with the recovery efforts, especially Økokrim and the FBI for their tireless efforts for the Aksi and Ronin communities,” the group said. he said.
Distribution of returned funds
Sky Mavis will cover approximately 15% of the recovered assets for recovery efforts, with the remaining 85% going to the Axie Infinity Treasury.
According to the team, recovering stolen crypto requires collaboration between law enforcement, legal experts, financial experts and blockchain specialists, including Chainalysis.
In addition to the $5.7 million recovered, law enforcement seized an additional $40 million in stolen property. However, recovering these funds takes longer, there is no specific time frame for their return.
In the year On March 29, 2022, the Ronin network experienced a major security breach, resulting in a loss of 173,600 ETH and 25 million USDC, totaling approximately $600 million.
Following the incident, Sky Mavis collected $150 million in user fees. In April 2022, Binance reported that the exchange had recovered $5.8 million stolen in the Ronin Bridge attack.
Sky Mavis has strengthened security measures, including partnerships with new authenticators such as Google Cloud.
Share this article
The information on or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of any information on or accessible from this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
Crypto Briefing may also include articles with AI-generated content created by Crypto Briefing's own proprietary AI platform. We use AI as a tool to deliver fast, useful and actionable information without losing the insight – and control – of experienced crypto natives. All AI-added content is carefully reviewed, for accuracy, by our editors and writers, and we always draw from multiple primary and secondary sources to create our stories and articles.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
