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Sky Mavis To Reimburse Victims Of Ronin Bridge Hack This Week



Reports said that Sky Mavis, the creator of the play-to-earn game Axie Infinity (AXS), announced that it will reimburse victims of the Ronin bridge hack and reopen the bridge this week.


It has been reported that in March, hackers stole more than $620 million in the heist, which included around 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens. Once the bridge reopens today, users will be able to withdraw one ETH for each one they possessed before the attack.


However, in April, it was reported that Sky Mavis closed $150 million in fresh 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 moved the stolen assets around soon after the breach, using TornadoCash to conceal their activities. This is a significant issue for the decentralized finance (DeFi) industry, which has suffered more than $1.22 billion in losses thus far this year.


The report said that the Ronin hack was one of the most notable events in recent memory, causing tremors throughout the cryptocurrency industry. Despite this, the Ronin blockchain was not deterred in its mission to achieve significant milestones. In early June, the blockchain surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it remains popular as a digital collectible network. In terms of all-time NFT sales volumes, it is second only to Ethereum.

Likewise, it beats Solana (SOL), Flow (FLOW), Polygon (MATIC), and WAX (WAXP), among many others. Hacks, rug-pulls, and protocol flaws are all common within the cryptocurrency industry.


Thus, it appears like not a single day goes by without news of another hacking. On Friday, it was reported that the Horizon Bridge to the Harmony layer-1 blockchain had been exploited for $100 million in altcoins being swapped for Ether. According to Immunefi, cybercrime losses reached $10.2 billion in 2021.


Source: Cointelegraph


 

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