Sky Mavis “Fully Committed” to Reimbursing Ronin Hack Victims

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  • Sky Mavis COO Leonard Larsen says the company is “fully committed” to refunding victims of last week’s Ronin hack
  • $625 million worth of ETH and USDC was stolen from the Ronin bridge
  • Many victims were Axie Infinity players, which is made by Sky Mavis

The COO of Sky Mavis, the operator of the popular blockchain game Axie Infinity’, has promised that victims of the recent $625 million hack on its underlying blockchain, Ronin, will be refunded. The Ronin bridge was compromised a week ago and the money stolen in the form of ETH and USDC, with many of the victims being Axie players. Leonard Larsen told Bloomberg that any losses encountered by Axie players would be honored, while fallout of the huge hack continued.

Ronin Bridge Private Keys Compromised

The security of DeFi bridges has been the subject of much debate in recent months, with concerns that their lack of decentralization has led to them becoming huge targets for hacks. This has proved to be the case, first with Wormhole last month and now with Ronin.

The hacker gained access to the funds on the Ronin bridge by compromising the private keys of a majority of Ronin’s nine validator nodes, starkly illustrating the decentralization issue.

Axie Infinity Players Will be Recompensed

Larsen told Bloomberg in a text message that Sky Mavis was committed to finding a way to recompense users who suffered a loss:

We are fully committed to reimbursing our players as soon as possible. We’re still working on a solution, that is an ongoing discussion.

Larsen added that the stolen funds included the “deposits of players and speculators and the Axie Infinity Treasury revenue,” with 56,000 of the stolen 176,300 ETH belonging to the Axie Infinity treasury. Sky Mavis doesn not suspect insider involvement in the heist which saw lots of funds sent to centralized exchanges in a rare, and potentially costly, move.