Axie Infinity Developer Sky Mavis to Reimburse Victims of Ronin Bridge Hack

A total of $216.5 million in USDC and ethereum at today's prices will be returned to users.

By Oliver Knight

Jun 24, 2022 at 1:34 p.m. UTC

Updated Jun 24, 2022 at 1:56 p.m. UTC

Victims of the Ronin bridge hack will be reimbursed (Kevin Ku/Unsplash) — Victims of the Ronin bridge hack will be reimbursed. (Kevin Ku/Unsplash)

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Sky Mavis, the developer behind popular play-to-earn game Axie Infinity, said it will start to reimburse the victims of the $625 million Ronin bridge hack on June 28.

In March, hackers were able to siphon 173,600 ether (ETH) and $25.5 million in USDC out of the Ronin bridge after exploiting a validator node vulnerability. Due to the dwindling price of ether since the hack, around $216.5 million is expected to be returned to users.
The hack has since been linked to North Korean hacking group "Lazarus" by the FBI.
The bridge will also be restarted on June 28, a move that will require a hard fork in which all validators will be required to update their software.
"The bridge will be refilled with the outstanding user-owned ETH and USDC," Sky Mavis co-founder and Chief Operating Officer Aleksander Larsen told CoinDesk. "Everything is on schedule and the validators are ready," he added.
In April, Sky Mavis raised $150 million in a round led by Binance. The firm said that it will use the proceeds to reimburse the hack victims.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter