Sky Mavis Pledges to Reimburse Players Following Axie Infinity Hack

The company behind the popular play-to-earn game made the promise after a $625 million hack.

AccessTimeIconMar 30, 2022 at 2:51 p.m. UTC
Updated Mar 30, 2022 at 6:35 p.m. UTC

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Sky Mavis, the company behind popular play-to-earn game Axie Infinity, has pledged to reimburse players after hackers stole $625 million from the underlying Ronin blockchain.

  • “We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action,” a Sky Mavis spokesperson said in a statement to CoinDesk. Bloomberg first reported on Sky Mavis’ pledge.
  • The stolen funds included the deposits of players and speculators, plus revenue from the Axie Infinity Treasury, Sky Mavis Chief Operating Officer Aleksander Leonard Larsen told Bloomberg.
  • The attacker found a backdoor in a Ronin node then used hacked private keys to create withdrawals. The losses included 173,600 ether and $25.5 million in USDC.
  • AXS, the token behind Axie Infinity, fell as much as 11% after the hack was announced, while the Ronin blockchain token RON fell about 20%. AXS is down 7% over the last 24 hours and has declined over 20% since the announcement of the hack.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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