Sunday, May 26, 2024

Sky Mavis to reimburse victims of Ronin bridge hack, bridge relaunch next week.

The developer of the play-to-earn game Axie Infinity, Sky Mavis is set to reimburse victims of the Ronin bridge hack. It also intends to relaunch the bridge on June 28. Hackers had made off with more than $600 million in the March hack – 17,600 Ethereum and 25.5 million USDC tokens.

Sky Mavis told Bloomberg that users will be able to withdraw one ETH for each one they had held prior to the attack. The hackers had moved the stolen cryptocurrencies via TornadoCash to hide their movements. Experts describe the Ronin bridge hack as the most significant to take place in recent times.

The incident had sent ripples of shockwave throughout the crypto world. However, the exploit did not hold the Ronin blockchain from achieving some major milestones. The Ronin blockchain surpassed $4 billion in all-time NFT sales volumes in early June. It continues to be popular as a digital collectible network. Moreover, its only second behind Ethereum in terms of all-time NFT sales volumes, surpassing Solana, Flow, Polygon and WAX, and others.

The success of the Ronin blockchain is attributed to the incredible popularity of Axie Infinity. This P2E game has shown no signs of slowing down when it comes to activity. And it’s only expected to get better with the new gaming model.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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