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.

AccessTimeIconJun 24, 2022 at 1:34 p.m. UTC
Updated Jun 24, 2022 at 1:56 p.m. UTC

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

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.

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

CoinDesk - Unknown

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