Axie Infinity Developer to Reimburse Victims of Ronin Hack

Sky Mavis Inc., the developer behind the popular play-to-earn Axie Infinity video game is reimbursing victims who lost more than $620 million in the Ronin Network hack. Victims of Axie Infinity Hack to Get Refunded According to a report from Bloomberg on Thursday, Sky Mavis, the parent company of Axie Infinity said, that it will refund users who lost their funds during its recent hack of a whopping $620 million. The firm has already raised $150 million in a funding round led by crypto exchange Binance in April. At the time, the firm said it planned to use the money and Sky Mavis’s and Axie Infinity’s own resources to reimburse Ronin bridge users. Ronin Network, the Ethereum-linked sidechain made specifically for the Axie Infinity has also made plans to restart the bridge on June 28. However, to restart the bridge, a hard fork of the network will have to be executed. As such, all network validators have been notified to update their nodes accordingly. “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. • 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. — Ronin (@Ronin_Network) June 23, 2022   Back in March, hackers targeted the Ronin network to steal 25.5 million USDC and 173,600 Ether. The total amount of stolen crypto coins was worth around $620 million. However, due to the recent crypto price crash, the tokens are now worth around $216.5 million.

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