Axie Infinity to compensate Ronin exploit victims and relaunch bridge

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Sky Mavis, creator of the play-for-profit game Axie Infinity (AXS), has announced that it will compensate victims of the Ronin Bridge hack and reopen the bridge next week.

In March, hackers stole more than $620 million in the heist, which included approximately 17,600 Ether (ETH) and $25.5 million (USDC). According to a Bloomberg report on Friday, once the bridge reopens on Tuesday, users will be able to withdraw one ETH for every one they own before the attack.

In April, Cointelegraph reported that Sky Mavis closed $150 million of new capital led by Binance to refund hack victims. Animoca Brands, 16z, Dialectic, Paradigm and Accel were among the investors during the funding round.

The hacker transferred the stolen assets shortly after the hack, using TornadoCash to hide their activities. This is an important issue for the decentralized finance (DeFi) industry, which has suffered losses of more than $1.22 billion so far this year.

The Ronin hack was one of the most notable events in recent memory, causing shockwaves throughout the cryptocurrency industry. Despite this, the Ronin blockchain has not been deterred in its mission to achieve significant breakthroughs.

In early June, the blockchain surpassed $4 billion in sales of non-fungible tokens (NFTs), and it continues to be popular as a collectible digital network. In terms of NFT sales volumes all the time, it is second only to Ethereum. It outperforms Solana (SOL), Flow (FLOW), Polygon (MATIC), and WAX (WAXP), among many others.

RELATED: Breaking: Harmony’s Horizon Bridge Hacked for $100 Million

Hacks, rug pulls, and protocol flaws are all common in the cryptocurrency industry. It seems that not a single day goes by without news of another breakthrough. On Friday, Cointelegraph reported that the Horizon Bridge to the Harmony layer-1 blockchain has been exploited for $100 million in altcoins exchanged for Ether. According to Immunefi, cybercrime losses amounted to $10.2 billion in 2021.

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