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- Sky Mavis went through an attack earlier in March and lost approximately $620 Million.
- They are planning on reopening the Ronin Bridge on June 28th, with all users’ funds returned.
- After the hack, the crypto space has only witnessed bearish trends causing a major plunge in the assets’ value.
Sky Mavis Inc., the developer of the popular play-to-earn game Axie Infinity (AXS), witnessed a hack earlier in the month of March. And they went through a loss of over $620 Million.
According to the Ronin software, the entity behind the popular metaverse game has recently highlighted its plans to off-set consumers on June 28 and reopen the software bridge that was compromised during the attack.
According to the team, they plan on reopening the Ronin Bridge on June 28th, with all users’ funds returned. The Bridge opening is contingent on a Ronin hard fork that needs all validations to update their software.
What actually happened was that the hackers managed to snatch away 173,600 Ethereum (ETH) and 25.5 Million USDC tokens in March from the Ronin bridge. It enables the users to trade currency from other blockchains.
Following the hack, the value of the digital assets is witnessing a plunge, resulting in the tokens having a total market worth of approximately $216.5 Million.
In a statement released by a spokesperson for Sky Mavis, when the bridge will reopen, users would be allowed to withdraw one Ether for everyone they had in the month of March.
The 56,000 Ether tokens that disappeared from the Decentralised Autonomous Organisation (DAO) ‘s treasury that is linked with the Axie Infinity would not be collateralized in the coming times.
Back then, the entity made a commitment to compensate the online players who went through a loss of cash. Later in April, the company closed a fundraising round that was $150 Million and was headed by Binance, the crypto exchange.
The company highlighted back then that it intended to use the money together with the resources that were already available via Sky Mavis and Axie Infinity to reimburse utilisers of the Ronin Bridge.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
