Axie Infinity to start reimbursing Ronin bridge hack victims from June 28 Axie Infinity to start reimbursing Ronin bridge hack victims from June 28
Since the ronin bridge exploit that Axie Infinity suffered, the loot has lost a substantial part of its value due to the crypto market crash.
2 min read
Updated: Jun. 24, 2022 at 3:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Months after the exploit that led to the theft of over $600 million, Axie Infinity developers Sky Mavis will finally reimburse users and restart the Ronin bridge exploited in the attack, Bloomberg reported.
The developer expects to start reimbursing affected users on June 28. Users can withdraw the exact value of what they held before the hack once the bridge is back online. But 56,000 ETH stolen from Axie Infinity DAO will remain uncollateralized.
This announcement is coming months after Sky Mavis pledged to reimburse those who lost their funds. The firm had raised $150 million from investors in Binance-led funding round to make true of its promise.
The hackers stole 173,600 units of ETH and 25.5 million USDC in the single biggest exploit ever in the crypto industry. At the time, the loot was worth over $600 million, but its value has now dropped to $216.5 million due to the decline in the dollar value of ETH.
A report from authorities in the United States tied the hack to North Korea-backed Lazarus Group.
Axie Infinity picks up the pieces
The attack affected Axie Infinity significantly as it experienced a drop in the numbers of its daily users. The current bear market has also piled to its misery, alongside other GameFi platforms.
For context, Axie Infinity’s daily users reached an all-time high of 2.7 million in November 2021, but that number has significantly dropped to less than 600,000 as of June 6.
Its native token, AXS, like the broader crypto market, has also seen its value decline massively. According to CryptoSlate data, It is trading at 89.7% lower than its all-time high.
However, it has seen a jump in the last few days, with a 24% rise in the previous seven days. It is currently valued at $16.94, after a 16% increase in the last 24 hours.
Meanwhile, the network saw its all-time NFT sales volume reach over $4 billion, placing it behind Ethereum and beating other storied rivals like Solana, Polygon, and others.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Axie Infinity is a game about collecting and raising fantasy creatures called Axie, on Ethereum platform.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Axie Infinity is a game about collecting and raising fantasy creatures called Axie, on the Ethereum platform.