NewsletterTwo Months After $600 Mln Hack, Ronin Network To Reopen Bridge
Ronin Network on Friday said the Network and the Ronin Bridge have successfully passed an internal and an external audit conducted by Verichains Lab. Interestingly, the Ronin Bridge may reopen in mid-June if it passes a second external audit by leading security audit firm CertiK.
Ronin Bridge May Reopen in mid-June
The Ronin Bridge is being redesigned after a major hack in March-end, with the opening of the new bridge delayed till June. Ronin announces in a tweet on May 27 regarding the successful completion of two audits and is currently ongoing the largest audit by Certik. The external audit will take 15 days.
“In order to become the gold standard when it comes to security, we are in the process of a second external audit led by @CertiK. This audit is expected to take 15 days. If that audit comes back clean, we will be able to reopen the bridge in the middle of June.”
The new Ronin Bridge will prevent large fund outflows without human interaction. In fact, the lack of a proper tracking system for large outflows caused hackers to steal 173,600 Ethereum and 25.5M USDC in two transactions.
Sky Mavis, the company behind Axie Infinity and Ronin sidechain, has taken steps to enhance security. The company is working closely with top security experts. Moreover, Sky Mavis, which had only 9 validator nodes during the breach, plans to increase it to 100. Conducting regular audits, creating a zero-trust organization, certifications, and bug bounty programs are some major updates.
Why the Delay in Opening the Bridge?
Ronin initially wanted to launch the redesigned bridge by the end of April. However, the team claims the delay is important as the bridge will secure billions of dollars in assets. The Ronin Bridge will open after a 100% upgrade of contracts, currently, it is at 80%. Moreover, the work on the bridge’s backend and the design of a validator dashboard is in progress. The migration of pending withdrawals will start after the deployment of the Ronin bridge.
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