Developer Of Axie Infinity To Reimburse Ronin Hack Victims

The maker of the well-known play-to-earn computer game Axie Infinity, Sky Mavis Inc., is compensating those who lost more than $620 million as a result of the Ronin Network attack.

Axie Infinity hack victims to receive refund

According to a report from Bloomberg on Thursday, the parent company of Axie Infinity, Sky Mavis, announced that it will reimburse subscribers who lost money as a result of the recent $620 million hack.

In a funding round spearheaded by the cryptocurrency exchange Binance in April, the company has already raised $150 million. The business stated at the time that it intended to compensate Ronin bridge users using the funds as well as Sky Mavis’s and Axie Infinity’s own resources.

The bridge will reopen on June 28 thanks to arrangements made by Ronin Network, the Ethereum-linked sidechain created expressly for the Axie Infinity. But the network will need to hard fork in order to resume the bridge. In light of this, all network validators have been informed to update their nodes.

” We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned. Re-opening will require on a Ronin hard-fork which requires all validators to update their software. Validators have been informed regarding next steps to upgrade their validating node” the firm wrote in its tweet.

Hackers targeted the Ronin network in March with the intention of stealing 173,600 Ether and 25.5 million USDC. About $620 million worth of cryptocurrency was stolen in all. The tokens are now worth about $216.5 million, though, as a result of the recent collapse in cryptocurrency prices.

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