Bitcoin
$64,431.65+2.76%
Ethereum
$3,080.21+1.51%
Binance Coin
$558.84+1.47%
Solana
$145.95+6.89%
XRP
$0.50434154+1.61%
Dogecoin
$0.15249931+2.99%
Toncoin
$6.14-1.95%
Cardano
$0.47080651+5.35%
Shiba Inu
$0.00002277+1.54%
Avalanche
$35.10+2.32%
Wrapped Bitcoin
$64,548.89+2.72%
Tron
$0.11020315+1.48%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
01
HR
37
MIN
20
SEC
Finance

Axie Infinity Developer Sky Mavis to Reimburse Victims of Ronin Bridge Hack

A total of $216.5 million in USDC and ethereum at today's prices will be returned to users.

By Oliver Knight
AccessTimeIconJun 24, 2022 at 1:34 p.m. UTC
Updated May 11, 2023 at 4:23 p.m. UTC
Victims of the Ronin bridge hack will be reimbursed. (Kevin Ku/Unsplash)
Victims of the Ronin bridge hack will be reimbursed. (Kevin Ku/Unsplash)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Sky Mavis, the developer behind popular play-to-earn game Axie Infinity, said it will start to reimburse the victims of the $625 million Ronin bridge hack on June 28.

  • In March, hackers were able to siphon 173,600 ether (ETH) and $25.5 million in USDC out of the Ronin bridge after exploiting a validator node vulnerability. Due to the dwindling price of ether since the hack, around $216.5 million is expected to be returned to users.
  • The hack has since been linked to North Korean hacking group "Lazarus" by the FBI.
  • The bridge will also be restarted on June 28, a move that will require a hard fork in which all validators will be required to update their software.
  • "The bridge will be refilled with the outstanding user-owned ETH and USDC," Sky Mavis co-founder and Chief Operating Officer Aleksander Larsen told CoinDesk. "Everything is on schedule and the validators are ready," he added.
  • In April, Sky Mavis raised $150 million in a round led by Binance. The firm said that it will use the proceeds to reimburse the hack victims.
VolumeMuteUnmute

Base Monthly Active Addresses Increased by 160% in March: Nansen

  • Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report
    00:56
    Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report
  • Running With Crypto: 5 Questions With TRM Labs' Ari Redbord
    00:59
    Running With Crypto: 5 Questions With TRM Labs' Ari Redbord
  • Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts
    09:43
    Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts
  • Breaking Down the State of Hacking in 2024
    02:01
    Breaking Down the State of Hacking in 2024

    • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.