Two 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.
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- MetaMask Launches Hyperliquid Perpetuals In-App, Plans To Integrate Polymarket
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
