$5.7M Ronin Hack Loot Recovered & Returned in Norway

Axie Infinity developer Sky Mavis recovers $5.7 million stolen in the Ronin bridge incident in 2022.

A hand emerging from a swamp holding an icecube with money frozen in it.
Created by Gabor Kovacs from DailyCoin
  • Sky Mavis has recovered millions in assets stolen from the Ronin bridge incident.
  • The Ronin cross-bridge was exploited in 2022.
  • Efforts are ongoing to recover another $40 million in assorted assets.

The Norwegian government has frozen and returned millions of dollars in stolen assets from the Ronin bridge incident in 2022, Sky Mavis announced on Friday.

Sky Mavis unveiled the Ronin Network in February 2021 as an Ethereum sidechain tied to the blockchain game Axie Infinity. The network was exploited a year later in March 2022, leading to the theft of 173,600 Ethereum and $25.5 million USDC.

Sky Mavis Recovers $5.7 Million

In a statement dated June 7, Sky Mavis said the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has “successfully frozen and returned” $5.7 million of the stolen assets.

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“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,” Sky Mavis wrote.

Per the statement, 85% of recovered funds will be deposited into the Axie Infinity treasury, while 15% will be used to cover the costs incurred by those involved in the recovery process. This includes law enforcement agencies, accountants, lawyers, and blockchain forensic teams, such as Chainalysis.

Sky Mavis further stated that approximately $40 million in separate assets has already been frozen by law enforcement agencies, but “will require some time to recover.” The Axie Infinity developer said it has insufficient information to advise on “a specific timetable” for the recovery of the funds.

Stay updated on DMM Bitcoin’s recovery plan after $300M exploit:
DMM Bitcoin Shares Recovery Plan Following $300M BTC Hack

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Read how Binance denied responsibility for an alleged million-dollar hack:
Binance Denies Responsibility for Chinese Investor’s $1M Hack

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.