Sky Mavis, the developer behind "Axie Infinity," one of the most popular NFT (non-fungible token) games, has promised to reimburse the victims involved in the previous hacking incident.
According to the report, the company will give refunds to the users on June 28. It will also restart the Ronin wallet in the next few days after the massive March breach.
'Axie Infinity' Developer to Make Refunds
Since the hack hit "Axie Infinity" over the past three months, Sky Mavis saw a sharp decline in the number of users playing the NFT game. As such, the whole fiasco has also affected its revenue since more people had withdrawn their in-game assets.
As per Bloomberg's report, the culprits managed to pocket 25.5 million worth of USDC tokens and 173,000 Ether from the Ronin platform. This software bridge serves as an outlet for players to swap their coins from one blockchain to another.
Since the huge crypto heist took place, the token's value sat at around $216.5 million. Considering that the price of AXS had steadily dropped, some investors immediately withdrew their assets to avoid this mess amid the plunging coin prices.
Sky Mavis said that the affected users of the $620 million heist are now eligible to receive refunds next week. According to the company representative, once Ronin reopens, the victims could now withdraw their ether that was taken away in March.
It should be noted that missing 56,000 ether tokens from the treasury of the decentralized autonomous organization or DAO will stay "uncollateralized."
The first time Sky Mavis announced the reimbursement was in the same month the hack happened.
The "Axie Infinity" developer managed to raise $150 million from the Binance crypto exchange, as well as Paradigm, Animoca, Dialectic, and a16z a month after the incident took place, per Tech in Asia. The refunds will come from the company's own resources.
Related Article : Axie Infinity's Ronin Blockchain Suffered Hacker Breach, Over $625M Worth of Crypto Stolen
'Axie Infinity' Ronin Crypto Hackers'
The controversial breach became more sensational when the authorities established some leads on the identities of the potential suspects. According to Tech Times, the FBI alleged that the hackers behind this incident came from North Korea.
The crew of cybercriminals which was identified as the Lazarus Group, was believed to be the mastermind behind the "Axie Infinity" online robbery.
Speaking of which, the Lazarus hackers, along with the APT38, were responsible for the Ronin fiasco in late March.
Additionally, Sky Mavis wrote in a blog post that the federal law enforcement agency recognized the North Korean group's involvement in the "Ronin Validator Security Breach."
Since NFT scams and hacks are everywhere, it's important to assess the legitimacy of the project developer.
Earlier this year, the first case of NFT rug pull surfaced. The authorities called the "Frosties" incident to be the first huge scam of 2022.
This article is owned by Tech Times
Written by Joseph Henry
