Sky Mavis to Reimburse Players following Axie Infinity Hack

Sky Mavis, the company behind the ever so popular play-to-earn crypto game Axie Infinity has pledged to recover the lost funds and reimburse players after hackers stole 173,600 ether and 25.5 million USDC or about $625PHP 36,678INR 52,969EUR 595CNY 4,549 million from the Ronin Blockchain Network.

This comes as news as the COO and co-founder of Sky Mavis, Aleksander Leonard Larson, recently tweeted and told Bloomberg “We are fully committed to reimbursing our players as soon as possible,” and that it is currently working on an ongoing solution. The funds that were stolen included deposits of players and speculators, as well as revenue from the Axie Infinity Treasury.

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We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action.

— Psycheout.ron (@Psycheout86) March 30, 2022

Furthermore, the Ronin network had recently announced on Twitter that it is working with key stakeholders, law enforcement agencies, and major exchanges. In a bold move to support and strengthen the network’s security, Ronin has stated that they have replaced all former Sky Mavis validators and are pushing to add new validators to Ronin.

3/ We are pushing our plan to add new validators to Ronin in the coming weeks. This will be a key step in bolstering the security of the network. The root cause of our attack was the small validator set which made it much easier to compromise the network.

— Ronin (@Ronin_Network) March 31, 2022