Axie Infinity will compensate Ronin’s victims and rebuild the bridge


Once the bridge finally opens on Tuesday, users will be able to withdraw one ETH for every ETH they had before the assault.

The developer of the play-to-earn game Axie Infinity (AXS), Sky Mavis, has declared that it would compensate victims of the Ronin bridge hack and restore the bridge the next week.

In March, hackers stole more than $620 million in the hack, which comprised around 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. According to a Bloomberg story on Friday, once the bridge reopens on Tuesday, users will be allowed to withdraw one ETH for each one they owned before the assault.

In April, Cointelegraph claimed that Sky Mavis secured $150 million in new funding, backed by Binance, to reimburse hackers’ victims. Throughout the investment round, investors included Animoca Brands, 16z, Dialectic, Paradigm, and Accel.

Using TornadoCash to mask their operations, the hacker relocated the stolen assets shortly after the intrusion. This is a big concern for the decentralized finance (DeFi) business, which has sustained losses of more than $1.22 billion so far this year.

The Ronin hack was among the most important occurrences in recent memory, generating vibrations across the bitcoin sector. However, this does not hinder the Ronin blockchain from achieving key milestones.

Early in June, the blockchain reached $4 billion in nonfungible token (NFT) sales volumes, and it continues to be a popular network for digital collectibles. It is second only to Ethereum in terms of the total amount of NFT sales. It surpasses, amongst many others, Solana (SOL), Flow (FLOW), Polygon (MATIC), and WAX (WAXP).

In the cryptocurrency sector, hacks, swindles, and protocol vulnerabilities are commonplace. It seems like barely a single day passes without news of another hacker. Friday, Cointelegraph claimed that the Horizon Bridge to the Harmony layer-1 blockchain has been hacked for the exchange of $100 million worth of cryptocurrencies for Ether. According to Immunefi, cybercrime damages would reach $10,2 billion by 2021.

Also Read: Hoskinson encourages Congress to adopt software-enabled crypto self-regulation

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