The $625 million Ronin blockchain hack is one of the largest ever in the crypto industry.
Axi Infinity players will be reimbursed after an exploit on the Ronin blockchain that resulted in millions of dollars worth of Ether and the stable USDC.
Sky Mavis, the firm behind the Ronin Network blockchain, has promised a reimbursement scheme for players and other network users affected by the hack.
,We are committed to ensuring that all money spent is recovered or reimbursed, and we are continuing to negotiate with our stakeholders to determine the best course of action.“Sky Mavis COO Alexander Leonard Larsen” said,
According to Larsen, the hack was “a social engineering attack combined with a human error from December 2021,”
The company says that a backdoor in one of the Ronin nodes allowed hackers to quietly extract 173,600 Ether from the network and $25.5 million in stable USDC, worth approximately $600 million.
Players and bookies of the Axi Infinity game are among those who lost money in the attack. Larsen said the popular play-to-earn (P2E) game also lost money.
In the aftermath of the hack, the Ronin team and the Sky Mavis board have engaged cybersecurity experts as they work towards getting a “full overview of the situation”.
AXS Infinity token AXS fell sharply following news of the hack and reduced losses by more than 3% on Tuesday. At the time of writing, (March 30, 11:26 ET), AXS is just above the flatline as it hovers near $64.94.
According to data from CoinMarketCap, daily trading volume is also currently down around 15%.