The developer of the play-to-earn game Axie Infinity declared that it will compensate the victims of the Ronin bridge hack and reopen the bridge the next week.
In a theft in March, hackers made off with more than $620 million, including about 17,600 ETH and 25.5 million USD Coin (USDC) tokens. Users will be able to withdraw one ETH for each one they had prior to the attack once the Ronin bridge reopens on Tuesday, according to a Friday report from Bloomberg.
According to a Cointelegraph article from April, Sky Mavis raised $150 million in new funding, led by Binance, to compensate hacking victims. During the investment round, investors included Animoca Brands, 16z, Dialectic, Paradigm, and Accel.
Soon after the intrusion, the hacker transferred the looted assets around while using TornadoCash to hide their actions. This is a major problem for the decentralized finance (DeFi) sector, which has already lost more than $1.22 billion this year.
One of the most famous incidents in recent memory, the Ronin hack shook the bitcoin sector. In spite of this, the Ronin blockchain continued on its quest to reach important milestones.
The blockchain still enjoys popularity as a network for digital collectibles after surpassing $4 billion in nonfungible token (NFT) sales volumes at the beginning of June.
It is only second to Ethereum in terms of total NFT sales volumes. It surpasses numerous other companies, including Solana (SOL), Flow (FLOW), Polygon (MATIC), and WAX (WAXP).
The bitcoin business frequently experiences hacks, rug pulls, and protocol vulnerabilities. It appears like not a single day goes by without news of another hacking.
According to a Friday Cointelegraph story, $100 million worth of cryptocurrencies were exchanged for ether using the Horizon Bridge to the Harmony layer-1 blockchain. Losses from cybercrime topped $10.2 billion in 2021, according to Immunefi.
