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June 24, 2022

Axie Infinity will compensate Ronin victims and reopen the bridge

The developer of the play-to-earn game Axie Infinity, Sky Mavis, has said that it would compensate those individuals who were hacked via the Ronin bridge and will reopen the bridge the following week.

In March, cybercriminals perpetrated a crime that resulted in the theft of more than $620 million. The stolen funds included around 17,600 Ether (ETH) and 25.5 million USD Coin (USDC) tokens.

As soon as the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one that they had before the assault, as stated in a story that was published by Bloomberg on Friday.

According to a story published in April, Sky Mavis has successfully raised $150 million in new funding, spearheaded by Binance, to reimburse hacking victims. During the investment round, many investors participated, including Animoca Brands, 16z, Dialectic, Paradigm, and Accel.

Soon after the intrusion, the hacker used TornadoCash to mask their activity while moving the stolen assets around. This is a big problem for the decentralized finance (DeFi) business, which has already incurred losses of more than 1.22 billion dollars in 2018.

The breach of Ronin was one of the most significant incidents that occurred in recent memory, and it sent tremors across the cryptocurrency sector. In spite of this, the Ronin blockchain continued on its path toward accomplishing key milestones without being derailed.

The value of all nonfungible tokens (NFTs) sold on the blockchain has already exceeded $4 billion, and the network continues to be widely used as a digital collection medium.

This milestone was reached at the beginning of June. It is now just behind Ethereum in terms of the total volume of all-time sales of NFTs. It is superior to several other products, including Solana (SOL), Flow (FLOW), Polygon (MATIC), and WAX (WAXP).

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In the world of cryptocurrencies, incidents like hacking, rug-pulling, and protocol weaknesses are all too prevalent. It would seem that hardly a single day goes by without reports of yet another security breach.

On Friday, Cointelegraph published an article stating that the Horizon Bridge to the Harmony layer-1 blockchain had been hacked, resulting in the exchange of alternative cryptocurrencies worth a total of $100 million for ether. According to Immunefi’s estimates, the cost of damages caused by cybercrime reached $10.2 billion in 2021.