Sky Mavis, the maker of the play-to-earn game Axie Infinity (AXS), stated that it will pay back victims of the Ronin bridge hack and re-open the bridge next week.
Hackers stole more than $620 million in the theft, which included roughly 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. According to a Bloomberg report on Friday, users will be able to withdraw one ETH for each one they had before the assault when the bridge reopens on Tuesday.
Cointelegraph reported in April that Sky Mavis repaid $150 million in damages incurred from the hack, with Binance leading a group of investors who funded fresh capital. During the funding round, Animoca Brands,16z, Dialectic, Paradigm and Accel were some of the investors.
The thief swiftly moved the stolen assets after the breach, using TornadoCash to hide their activities. This is a major problem for the decentralized finance (DeFi) sector, which has already lost more than $1.22 billion in 2019.
The Ronin hacking was one of the most significant events in recent history, shaking the cryptocurrency world. Despite this, the Ronin blockchain was undeterred in its goal to achieve major milestones.
The blockchain has surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it is still popular as a digital collectible network. It is second only to Ethereum in terms of all-time NFT sales volumes, with a market cap of over $75 billion. It outperforms Solana (SOL), Flow (FLOW), Polygon (MATIC) and Wax (WAXP), among other cryptocurrencies.
The cryptocurrency industry is rife with hacks, rug-pulls, and protocol flaws. Every day seems to bring a new story of hacking.