Axie Infinity hack victims are about to be paid

 Those who lost their cryptocurrency following the hack of Axie Infinity's Ronin bridge will be refunded by the end of June, the developer claims.


"We plan to reopen the Ronin Bridge on June 28, all user funds will be refunded," the Ronin Network development team announced on June 24.


The announcement was made three months after the hack occurred. In late March, hackers attacked the Ronin bridge - which transfers assets between the Ronin blockchain and the Ethereum network for use in the game Axie Infinity, thereby stealing 173,600 ETH and 25.5 million USDC. This amount of digital currency was then worth the equivalent of 615 million USD, but now it is just over 200 million USD, due to the decline of the cryptocurrency market in general.

In response to Bloomberg, a spokesperson for Sky Mavis, the company behind Axie Infinity and Ronin Network, said that users will get back the exact amount of ETH lost in March. The company did not mention the amount of USDC stolen. In addition, approximately 56,000 ETH belonging to Axie Infinity's decentralized organization (DAO) is also unspent.

Along with the plan to reopen the Ronin bridge, the development team will also conduct a "hard fork", requiring validators to update their software. Earlier, on June 21, the group said it had obtained a security assessment from one of the most prestigious units today, Certik.

After the refund announcement was issued, the price of the AXS token increased by 20%, to $18, but still only a quarter of what it was in March. The attack is said to have not caused a significant hindrance. tells the operation of the Ronin network. At the beginning of June, NFT trading volume on this blockchain reached $4 billion, just below Ethereum, according to Coin Telegraph statistics.

The hack on the Ronin bridge is one of the largest crypto hacks in the world. The crooks took control of 5/9 validator nodes, made transactions and took all the money. Subsequent investigation by Sky Mavis showed that the hacker had carried out a "spear phishing" attack, ie infiltrating employees' accounts, thereby exploiting the system and controlling nodes.

Immediately after the discovery, Sky Mavis confirmed that it would give users all the money. The company also received $150 million from Binance and some funds to assist in remediation. At the same time, the attacker also continuously transfers the captured ETH and USDC to exchanges and "mixers" to launder money.

Popular posts from this blog

Bitcoin miners standing in front of a fork in the road

A Healthy US Bitcoin Mining Industry Could Generate Significant Tax Revenue

Cooperation to remove blockchain difficulties in finance - banking