Sky Mavis to reimburse victims from Axie Infinity hacking on June 28!

The developer behind the popular P2E game announced that it will start compensating the victims of over USD 600M Ronin bridge hack.

File photo: Axie Infinity

Users can withdraw one Ether for each one they held in March

In March, Sky Mavis discovered the security breach after a user could not withdraw Ether. The hackers targeted Ronin, a blockchain service run by the owners of Axie Infinity. They were able to steal 173,600 Ether and 25.5 million USDC tokens from the bridge.

After the digital heist, the firm promised to return the lost funds to the victims. In April, it raised USD 150 million (around PHP 8.2 billion) in a round led by Binance. Sky Mavis declared that it would use the proceeds for the said reimbursement.

According to the source, affected players may withdraw one ether token for each one they lost in the hack. However, the value of Ethereum has plunged by more than 60 percent since the hacking incident in March. 

As a result, the developer will return around USD 216.5 million (around PHP 11.8 billion) to the players. They will get back only around a third of what they lost.

Sky Mavis said it plans to reimburse affected users on June 28, when it restarts the Ronin software bridge that the hackers targeted. The team stated in an update: 

We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned. The Bridge opening is contingent on a Ronin hard fork which requires all validators to update their software. 

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Source: Engadget