Axie Infinity to Reimburse Ronin Hack Victims and Relaunch the Bridge

‍Sky Mavis, the creator of the play-to-earn game Axie Infinity, has announced that it will refund victims of the Ronin network hack and reopen the bridge next week.

In March, hackers stole more than $620 million, including 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. According to a Bloomberg story published on Friday, when the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one they had before the attack.

In April, NFT Drop Calendar reported that Sky Mavis raised $150 million in new funding led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm, and Accel were among the investors during the funding round.

Soon after the breach, the hacker transferred the stolen assets around while utilizing TornadoCash to hide their activities. This is a major problem for the decentralized finance (DeFi) sector, which has already lost more than $1.22 billion this year.

The Ronin hack was one of the most noteworthy occurrences in recent memory, shaking the cryptocurrency industry to its core. Despite this, the Ronin blockchain remained committed to reaching key milestones.

‍The Ronin blockchain reached nearly $4 billion in total non-fungible token (NFT) sales volumes in early June, and it remains popular as a digital collectible network. It is only second to Ethereum in terms of all-time NFT sales volumes. It outperforms Solana ($SOL), Flow ($FLOW), Polygon ($MATIC), and WAX ($WAXP), to name a few.

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