Axie Infinity Creator to Reimburse Hack Victims After Declaring Ronin Ready for Restart

Sky Mavis the parent company of Axie Infinity Game and Ethereum bridging network Ronin has said it will begin reimbursements to the hack victims of the March breach on June 28.
Image source: QZ

Quick take:

  • Sky Mavis says it is ready to reimburse hack victims of the Ronin breach.
  • The company said it will also restart the Axie Infinity-Ethereum bridge on June 28.
  • Hackers stole 173,600 Ether and 25.5 million USDC tokens in March worth approximately $625M at the time.

Sky Mavis has said it will reimburse victims of the $600 million hack starting June 28. That will be exactly three months since the breach to it discovered the breach to its Ronin Network, reported on March 29.

The company also said it will be restarting the Axie Infinity Ethereum bridge next week. 

Ronin network allows users to swap different tokens, enabling them to easily purchase in-game items native to games built on different blockchains.

On Axie Infinity, it allowed players to send and receive crypto and NFTs whilst maintaining low transaction fees. Launched as the official sidechain wallet for Axie Infinity, the bridging protocol has also been adopted on other NFT games built on the Ronin blockchain. 

In the March breach, hackers stole 173,600 ETH and 25.5 million USDC tokens, equivalent to about $625 million at the time.

That value has declined significantly to about $216.5 million amid the crypto crush. However, since the reimbursements will be made in crypto, if players do not withdraw their funds, they could still regain value when crypto prices bounce back.

Sky Mavis said users can withdraw 1 ETH for each one they lost once the bridge re-opens on June 28.

“The 56,000 Ether tokens missing from the Axie Infinity-related DAO will remain uncollateralized,” the company said in a statement.

On April 6, Sky Mavis raised $150 million in a funding round led by Binance and with participation from Animoca Brands, a16z, Dialectic, Paradigm and Accel, to reimburse affected users.

“With Binance supporting us, we will be able to expand the validator set from five to 21 on an expedited timeline, which ensures the security of the Ronin network,” Sky Mavis CEO, Trung Nguyen said in April.

In March, the company had promised to use the money and Sky Mavis’s and Axie Infinity’s own resources to reimburse the victims of the hack.

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