Axie Infinity Developer Sky Mavis On Track to Refund Victims of 5M Hack
Developer of popular play-to-earn game Axie Infinity, Sky Mavis, is on schedule to fully reimburse the victims of the Ronin Bridge hack where roughly $625 million worth in Ether (ETH) and USDC got stolen.
Hackers took 173,600 Ether and 25.5 million USDC tokens from the bridge known as Ronin, which allows users to swap between different blockchain’s tokens.
A spokeswoman for Sky Mavis said in a statement that users can withdraw one Ether for each one they held in March once the bridge reopens.
Sky Mavis promised in March to compensate online players who lost funds. It also raised $150 million in a funding round led by crypto platform Binance in April. The firm then said the money would be used to reimburse the users affected by the hack.
The developer informed crypto news magazine Coindesk that the compensation will begin on June 28. In the wake of the crypto market tumble leading to depreciation of assets, around $215 million ETH is expected to be consolidated. Sky Mavis co-founder and Chief Operating Officer Aleksander Larsen said:
“The bridge will be refilled with the outstanding user-owned ETH and USDC. Everything is on schedule and the validators are ready.”
Following the news, Axie Infinity’s native token, AXS, jumped 15% and is currently moving hands at $17.85 according to CoinMarketCap.
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Source: igaming
