May 5, 2024

Axie Infinity Developers Will Start Reimbursing Ronin Network Hack Damages This Month

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Axie Infinity Developers Will Start Reimbursing Ronin Network Hack Damages This Month

Sky Mavis, the company behind one of the most popular cryptocurrency games, Axie Infinity, has announced that it will soon restart the bridge to the Ronin Network and refund losses to users.

At the end of March, the Ronin Network sidechain was subjected tohack - hackers were able to steal assets worth $620 million. They withdrew 17,600 ETH and 25.5 million USDC. It seems that the developers managed to close the vulnerabilities and on Tuesday, June 28, the bridge will be launched again. In addition, users who lost funds as a result of the hack will begin to receive refunds.

As the representative of Sky Mavis emphasized,Users will be reimbursed in full. That is, they will be able to withdraw the same amount of ETH that they stored on the Ronin Network sidechain at the time of the hack. At the same time, 56,000 ETH that belonged to DAO Axie Infinity will be “recorded as a loss” for Sky Mavis.

Let us recall that in mid-April, Sky Mavis launched a reward program for discovering vulnerabilities in the Axie Infinity game and the Ronin Network sidechain.