Axie Infinity Designer Sky Mavis Will Reimburse Ronin Bridge Hack Victims

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Axie Infinity Designer Sky Mavis Will Reimburse Ronin Bridge Hack Victims

Axie Infinity Designer Sky Mavis Will Reimburse Ronin Bridge Hack Victims
Victims of the Ronin bridge hack will be reimbursed. (Kevin Ku/Unsplash)
Source: CoinDesk
1656092809 24 Jun / 17:46

On June 28, Sky Mavis, the producer of the popular play-to-earn game Axie Infinity, will begin compensating the victims of the $625 million Ronin bridge hack. Using a validator node flaw, hackers could steal 173,600 ether (ETH) and $25.5 million in USDC from the Ronin bridge in March. Approximately $216.5 million is anticipated to be repaid to customers due to the decrease in ether's value after the breach.

The FBI has recently traced the intrusion to the North Korean hacker organization "Lazarus." On June 28, the bridge will be reopened, necessitating a hard fork in which all validators will be needed to upgrade their software.

“The bridge will be refilled with the outstanding user-owned ETH and USDC,” Aleksander Larsen, co-founder and COO of Sky Mavis told CoinDesk. He continued, “Everything is on schedule, and the validators are ready.”

In April, Binance led a $150 million funding round for Sky Mavis. The company stated that it would use the funds to compensate the victims of the hack.

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