Axie Infinity will compensate the victims of the Ronin exploit and relaunch its bridge

Axie Infinity will compensate the victims of the Ronin exploit and relaunch its bridge

Sky Mavis, the creator of the play-to-earn game Axie Infinity, has announced that it will reimburse the victims of the Ronin Bridge hack and will reopen the bridge next week.

In March, hackers stole more than $620 million in the heist, which included approximately 17,600 Ether (ETH) and 25.5 million USDC tokens. According to a Bloomberg report on Friday, Once the bridge reopens on June 28, users will be able to withdraw one ETH for each one they owned before the attack.

In April, Cointelegraph reported that Sky Mavis closed $150 million in fresh capital led by Binance to reimburse hack victims. Animoca Brands, 16z, Dialectic, Paradigm and Accel were some of the investors during the funding round.

The bridge is filled on the 28th

Now is the time for @Ronin_Network and @SkyMavisHQ to expand their game portfolio

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The hacker moved the stolen assets shortly after the attack, using TornadoCash to hide his activities. This is a major problem for the decentralized finance (DeFi) sector, which has suffered more than $1.22 million in losses so far this year.

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The Ronin hack was one of the most notable events in recent times, causing tremors throughout the cryptocurrency industry. Nonetheless, the Ronin blockchain was undaunted in its quest to reach significant milestones.

In early June, the blockchain surpassed $4 billion in all-time non-fungible token (NFT) sales volumes, and remains popular as a collectible digital network. In terms of all-time NFT sales volumes, it is second only to Ethereum. It outperforms Solana, Flow, Polygon, and WAX, among many others.

Hacks, ear-pulling, and protocol failures are common in the cryptocurrency industry. It seems like not a single day goes by without news of another hack. On Friday, Cointelegraph reported that the Horizon Bridge to Harmony’s layer 1 blockchain had been exploited to exchange $100 million worth of altcoins for Ether. According to Immunefi, cybercrime losses reached $10.2 million in 2021.

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