Sky Mavis extricates $5.7M, stolen from Ronin Bridge

Sky Mavis has successfully managed to retrieve $5.7 million about the stolen amount from Ronin Bridge in 2022, with $40 million remaining. This was made possible with the assistance of the Norwegian official bodies. Regarding the balance amount, the strategy for retrieving it is awaited. Incidentally, the brainchild of Axie Infinity is Sky Mavis. 

Sky Mavis divulged that Okokrim of Norway, a government body meant to fight economic and other misdemeanors, was responsible for the extraction. It was a joint exercise involving the local police, legal consultants, and Blockchain experts such as Chainalysis. The company duly extended its utmost appreciation to all concerned. 

In addition to the amount extracted, the police have blocked a further $40 million. All considered this will involve patience and a longer time period. 

Regarding the distribution of the money, as per Sky Mavis, 15% will go towards reimbursing the amount pertaining to the money spent on the extraction exercise, whereas the remaining 85% will be deposited with Axie Infinity.

The hack on Ronin Bridge took place on March 29, 2022, and is recognized as one of the largest amounts siphoned off ever in the crypto space. The occurrence paved the way for the illegal taking out of the Ethereum (ETH) and 25.5 million USD coins. 

Reacting to this, Sky Mavis initiated a funding exercise, with Binance being the top contributor, and managed to pool $150 million. Ever since then, they have been actively engaged in fortifying the Ronin network and gradually bringing in further validators like Google Cloud.

In spite of the unfortunate circumstances, Ronin network has successfully held on to its position within the Blockchain gaming arena. The platform has gone over and above the 20 million mark in terms of exclusive wallets.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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