Monday, June 27, 2022
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Axie-Infinity Parent Company To Refund Users Who Lost Money During Ronin Hack, Ronin To Restart In 4 Days

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Axie-Infinity to resume the network as Sky Mavis moves to pay affected users.


 

Axie Infitnity has been one of the world’s most interesting blockchain-based video game systems. It’s basically a play-to-earn setup where users can spend their free time having fun while earning by playing interesting video games.

However, this dream was cut short a few months ago when the system lost upwards of $600 million worth of cryptos to hackers. These funds belonged to users on the network. The company had to shut down operations to raise funds for a fresh restart.

What Happened In March?

Back in March, before the hackers attacked, Axie Infinity was going strong. Crypto prices hadn’t dipped as low as they have today. Everything was fine. Users were playing games and earning well. That changed when hackers targeted the network and exploited a flaw in a cross-chain bridge called Ronin. The Ronin bridge facilitated a cross-over between various blockchains and enabled users to swap their tokens into different cryptos like ETH and others.

Hackers exploited this opening to steal 25.5 million USDC ($25.5 million) and 173,600 ETH coins. The total amount of stolen crypto coins was worth around $620 million. However, due to the crypto price crash of recent months and weeks, the tokens are now worth around $216.5 million.

Firm Raised $150 Million

Bloomberg reports, Sky Mavis, which is the parent company of Axie Infinity, has announced plans to re-open the network and allow users back in. This is after the bridge flaws were fixed. Also, Axie Infinity has announced that it will refund users who lost their funds in the hack. Around $150 million has already been raised for that purpose. Binance exchange led the funding function that took place after the hack in April. Axie Infinity will now re-open the network and allow users to withdraw their funds.

Ronin Network:

Ronin Network, the entity that facilitates the Ronin Bridge, has made plans to restart the bridge on June 28. However, to restart the bridge, a hard fork of the network will have to be executed. As such, all network validators have been notified to update their nodes accordingly.

“We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned. Re-opening will require on a Ronin hard-fork which requires all validators to update their software. Validators have been informed regarding next steps to upgrade their validating node.”

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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