Ronin Bridge Exploit Victims to Receive ETH Reimbursements From Sky Mavis

As the RON-ETH bridge relaunches, Sky Mavis will allow Ronin Bridge exploit victims the chance to withdraw ETH as reimbursement.

In preparation for the RON-ETH bridge being relaunched tomorrow, Sky Mavis, the creators of the ever-popular NFT game Axie Infinity, are set to compensate Ronin exploit victims with ETH withdrawals.

The hack, which occurred in March, saw crypto assets worth a rough amount $620 million be taken from the wallets of the game’s community, which roughly equated to 17,600 ETH and 25.5 million USDC tokens. Given the tumble in cryptocurrency prices in the following months, such collection of assets is now only valued at around $216.5 million. 

Once the bridge reopens tomorrow on June 28th, users will be able to withdraw one ETH for each one they possessed before the attack, whilst the 56,000 ETH which is missing from the Axie Infinity-related DAO will remain uncollateralized. 

The program comes as part of Sky Mavis’s pledge to reimburse its online community who lost funds from the industry-shaking exploit. Part of the funds being used in the program will come from the company’s $150 million funding round which was led by Binance in April.

 

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