Ethereum Side Chain Ronin to Re-open asset Transferring Bridge Tomorrow: Locked Funds to be Returned

Ronin (RON), Ethereum (ETH) sidechain made specifically for the play-to-earn game Axie Infinity (AXS), will soon re-open a bridge operated to transfer assets to the chain after it was discontinued following a major hacking incident in March this year.

ronin-to-re-open-asset-transfer-bridge

According to a tweet on Thursday from Ronin, the upgraded and re-designed bridge will open on June 28 (tomorrow). Likewise, all user funds that have been shut will be returned, The tweet, 

In addition, it added that a hard fork will be mandated to re-open the bridge and that this implies that all node operators need to update their software.

Nodes that act as validators on the network have already been notified about the steps they need to take, Ronin stated, while adding that non-validator nodes need to follow specific instructions on how to move forward.

The latest update from Ronin came after the team this week on Tuesday, it conveyed the re-designed bridge had passed an audit from the crypto security company Certik.

In addition, they began implementing Certik’s improvement recommendations as well.

The re-opening of the bridge has been postponed several times. Initially, the bridge was declared to open in April, before it was postponed to late May.

The hacking incident earlier this year, which directed the Ronin team to take the bridge down, is one of the most extensive to have hit any crypto project to date. Based on market prices at the time, the hackers got away with well over USD 500m-600m worth of ETH and USDC tokens.


Hungry for more information?

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!


NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

Share This Post

Related Posts

Breaking! 9Gag Ceo Ray Chan Warns People selling Memelist Wallets

It's not even been 24 hours since the Memelist...

Coinbase launches Nano Ether Futures contract

One of the largest crypto exchanges, Coinbase, revealed that...

The Sandbox’s Instagram was Hacked. Hackers Tried to rent NFTs

Popular metaverse -The Sandbox - saw its Instagram profile...

After Solana Polygon gears up for Web3 Smartphone adventure

Polygon has announced a collaboration with Nothing, the creator...

JPMorgan estimates a 28% Upside in Bitcoin Price

JPMorgan has determined Bitcoin’s (BTC) fair price at $38,000,...
spot_img