Sky Mavis Promises to Reimburse Players After Axie Infinity $625 Million Hack

Axie Infinity owner commits to reimburse players

Sky Mavis, the company behind the popular play-to-earn game Axie Infinity, has pledged to reimburse players after hackers stole $625 million from the underlying Ronin blockchain.

“We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action,” a Sky Mavis spokesperson said in a statement to CoinDesk. Bloomberg first reported on Sky Mavis’ pledge.

The stolen funds included the deposits of players and speculators, plus revenue from the Axie Infinity Treasury, Sky Mavis Chief Operating Officer Aleksander Leonard Larsen told Bloomberg.

The attacker found a backdoor in a Ronin node then used hacked private keys to create withdrawals. The losses included 173,600 ETH and $25.5 million in USDC.

AXS, the token behind Axie Infinity, fell as much as 11% after the hack was announced, while the Ronin blockchain token RON fell about 20%. AXS is down 7% over the last 24 hours and has declined by over 20% since the announcement of the hack.

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