Axie Infinity to compensate Ronin exploit victims and relaunch bridge
Sky Mavis, the creator of the play-to-earn game Axie Infinity (AXS), announced that it will reimburse victims of the Ronin bridge hack and reopen the bridge next week.
In March, hackers stole more than $620 million in the heist, which included roughly 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. According to a Bloomberg report on Friday, once the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one they possessed before the attack.
In April, Cointelegraph reported that Sky Mavis closed $150 million in fresh capital led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm and Accel were among the investors during the funding round.
Bridge being refilled on the 28th
— Psycheout – Aleksander | Axie Infinity (@Psycheout86) June 24, 2022
The hacker moved the stolen assets around soon after the breach, using TornadoCash to conceal their activities. This is a significant issue for the decentralized finance (DeFi) industry, which has suffered more than $1.22 billion in losses thus far this year.
The Ronin hack was one of the most notable events in recent memory, causing tremors throughout the cryptocurrency industry. Despite this, the Ronin blockchain was not deterred in its mission to achieve significant milestones.
In early June, the blockchain surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it remains popular as a digital collectible network. In terms of all-time NFT sales volumes, it is second only to Ethereum. It beats Solana (SOL), Flow (FLOW), Polygon (MATIC) and WAX (WAXP), among many others.
Hacks, rug-pulls and protocol flaws are all common within the cryptocurrency industry. It appears like not a single day goes by without news of another hacking. On Friday, Cointelegraph reported that the Horizon Bridge to the Harmony layer-1 blockchain had been exploited for $100 million in altcoins being swapped for Ether. According to Immunefi, cybercrime losses reached $10.2 billion in 2021.