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Axie Infinity Developer to Reimburse Ronin Hack Victims

2 mins
Updated by Geraint Price
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In Brief

  • Sky Mavis will reimburse victims and relaunch the Ronin bridge on June 28.
  • The Ronin bridge hack was one of the most notable incidents this year.
  • Axie Infinity and Ronin have continued to do well despite the attack.
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Sky Mavis, the developer of the play-to-earn game Axie Infinity, has announced it will reimburse victims of the Ronin bridge hack and relaunch the bridge next week.

Attackers stole more than $620 million in the hack in March, comprising 17,600 Ethereum (ETH) and 25.5 million USDC tokens.

Users will be able to withdraw one ETH for each one they held prior to the attack once the bridge reopens on June 28, Sky Mavis told Bloomberg.

The attacker moved the stolen assets around shortly after the hack, using TornadoCash to hide their movements. The decentralized finance (DeFi) market has lost over $1.22 billion to theft so far this year.

Hacks occur with some frequency in the crypto market, but the Ronin attack was notable by any measure. Crypto projects are now extra cautious about the security of their tech, especially with more eyes on the market following the crash.

Still, projects with the foundations in place continue to do well even after such incidents. Axie Infinity and Sky Mavis are themselves good examples of this.

Axie Infinity and Ronin remain popular

The Ronin bridge hack was one of the most significant to take place in recent times. While it did send shockwaves throughout the crypto world, that did not stop the Ronin blockchain from achieving some major milestones.

The blockchain surpassed $4 billion in all-time non-fungible token (NFT) sales volumes in early June, and it continues to be popular as a digital collectible network. 

It is second behind Ethereum in terms of all-time NFT sales volumes, beating Solana, Flow, Polygon, and WAX, among many others.

A lot of that success comes down to Axie Infinity, an incredibly popular play-to-earn game by any standards. The game has shown no signs of slowing down when it comes to activity, and as the new gaming model takes greater hold, it can only be expected to do better.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...