Summary:
The company behind the Axie Infinity crypto game, Sky Mavis, has announced a ‘full commitment’ to reimbursing funds of players affected by the recent $625 million hack
on the Ronin Network.The pledge to make whole what was lost was made by Sky Mavis’ Chief Operating Officer, Aleksander Leonard Larsen, during a Bloomberg interview where he said:
We are fully committed to reimbursing our players as soon as possible…We’re still working on a solution, that is an ongoing discussion.
As a result of the hack, the Axie Infinity (AXS) token and Ronin (RON) coin experienced significant losses in the crypto markets.
Before the hack was discovered and announced, AXS and RON were trading at roughly $70 and $2.25 respectively. When news broke of the hack AXS dropped to a local low of $61.92 and RON to $1.582. This translates to an 11.54% drop by Axie Infinity (AXS) and a 30% drop by Ronin.
At the time of writing, AXS has risen to $64.86 and RON to $1.80.
However, these values of AXS and RON are still 7.34% and 20% lower than before the exploit was discovered.
Also worth mentioning is that the hackers of the Ronin bridge that is at the core of the Axie Infinity metaverse stole 173.6k Ethereum and 25.5 million in USDC. This amount translates to $625 million using Ethereum’s value of roughly $3,400 when the hack was identified.
This USD value of the Ronin Network hack makes it the largest DeFi heist to date when compared with the following: