Sky Mavis says $5.7M recovered from $600M Ronin exploit

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Sky Mavis has recovered $5.7 million of funds stolen from Axie Infinity’s Ronin Bridge, according to a Friday announcement from the team.

The recovery was achieved through the collaborative efforts of various entities, including the Økokrim, a Norwegian law enforcement agency, and the FBI, said Sky Mavis. Specifically, Økokrim successfully froze and returned $5.7 million stolen from the bridge hack.

“We’d like to publicly extend our heartfelt gratitude to everyone who assisted in the recovery efforts, especially Økokrim and the FBI in the US, for their tireless effort to track down and recover these assets for the Axie and Ronin communities,” the team stated.

Allocation of recovered funds

Sky Mavis noted that approximately 15% of the recovered assets will cover recovery efforts, while the remaining 85% will go to the Axie Infinity treasury.

According to the team, recovering stolen crypto requires collaboration between law enforcement, legal professionals, financial experts, and blockchain specialists, including Chainalysis.

In addition to $5.7 million in recovered funds, law enforcement has frozen an additional $40 million in stolen assets. However, recovering these funds will take longer, with no definitive timeline provided for their return.

On March 29, 2022, the Ronin network suffered a major security breach, resulting in a loss of 173,600 ETH and 25 million USDC, totaling about $600 million.

Following the incident, Sky Mavis raised $150 million to reimburse users. In April 2022, Binance reported that the exchange had recovered $5.8 million of funds stolen in the Ronin Bridge attack.

Sky Mavis has since enhanced security measures, including partnerships with new validators like Google Cloud.

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