After being offline for nearly three months, Axie Infinity announced that Ronin Bridge is now operational with enhanced security.
According to the blockchain gaming platform, the Ronin Bridge exploit cost it over $600 million in user funds: “All user funds are fully backed 1:1 by the new bridge”.
Three audits were performed on the new Ronin Bridge. Before reopening, one internal audit and two external audits were performed. The two external audits were carried out by Certik and Verichain.
Axie Infinity adds additional security layers
For added security, the new Bridge has a circuit breaker system. This design is a backup plan that will stop large suspicious withdrawals from the Bridge.
Anyone wishing to withdraw $1 million must obtain 90 percent of the validator’s signature. A withdrawal of $10 million or more will necessitate 90 percent of the validator’s signature as well as human review.
Furthermore, the Bridge’s smart contract software has been updated to allow validators to set a daily withdrawal limit from the Bridge.
It was initially set at $50 million, but an administrator will be able to reset it.
The blog post also cautioned users not to send funds directly to the Ronin Bridge Contract address because they will be permanently lost.
Instead, users should only use the user interface to access the Bridge for deposits and withdrawals.
Begin payment of funds
Axie Infinity discussed the developments since the exploit and how users were compensated.
Axie Infinity DAO received 56,000 wETH out of the 173,600 ETH and 25.5M USDC stolen from the Bridge. As the developers work with law enforcement to recover the funds, this will remain uncollateralized.
However, all liabilities totaling 71,600 ETH and 25.5 million USDC have now been fully returned to the network, “fully backed 1:1 by ETH and USDC on Ethereum.”
To read our blog on “Bitcoin and Ethereum are in a critical state,” click here
