Sky Marvis Assures Reimbursements Following Axie Infinity Hack

March 30, 2022

Reading Time: 2 minutes

Earlier this week, it was reported that Ronin Network, which support the blockchain-based game (Axie Infinity), suffered a cyberattack and about 173,600 Ethereum cryptocurrency was stolen along with $25.6 million, sending shockwaves across the cryptocurrency community.

In an attempt to address the curiosity of their players, the company said it is now working on reimbursements solution and it is going to reimburse players who lost their tokens during the heist.

We are fully committed to reimbursing our players as soon as possible,” Aleksander Leonard Larsen, chief operating officer of Sky Mavis, told Bloomberg. “We’re still working on a solution, that is an ongoing discussion.”

We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed,” Ronin Network wrote. “The attacker used hacked private keys in order to forge fake withdrawals.”

Funds stolen in the crypto hack include “deposits of players and speculators and the Axie Infinity Treasury revenue,” Larsen said.

The attack happened last week but was discovered by the company Tuesday this week, however, it was targeted at the vulnerability or a software tool for exchanging types of crypto tokens to drain funds in two different transactions. According to Larsen, “The easiest way to look at this is like the bridge is the bank for the Ronin Network,”

The heist that happened took out all the ETH and USDC. So the ETH/USDC on Ronin Network is not currently backed by anything. But we are looking at other options.”

Axie infinity remains one of the most distinguished play-to-earn games, its players following the heist’s announcement earlier this week were left in curiosity.

Currently, this hack remains the second-largest crypto hack in history, behind Poly Network in 2021, which later managed to get its funds weeks later after negotiating with the hackers.

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