Axie Infinity has pledged to reimburse players after hackers stole $625 million

Sky Mavis, the company behind the popular game Axie Infinity, says it will pay back players who lost $625 million (about Rs. 4,730 crores) from the underlying Ronin Ethereum sidechain. Co-founder and CEO of Sky Mavis Aleksander Leonard Larson have since tweeted that the crypto company is going to make sure that all of the money that was taken from the company is recovered or paid back.

Hackers are said to have stolen about 173,600 Ether and $25.5 million in USDC on March 23. This is how it works: Cryptocurrency analysts say this is the second-largest theft by hackers on record.

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It’s the CEO of Sky Mavis, Aleksander Larsen: “We will reimburse our players as soon as we can.” “We’re still working on a solution, and that’s what we’re talking about right now.”

A simple way to think about this is that the bridge serves as a bank for the Ronin Network. Larsen said this. “When someone stole all of the ETH and USDC, they also took the rest of the money. So, the ETH/USDC rate on Ronin Network is not backed by anything right now. It isn’t the only thing we’re looking into.”

The Ronin Network wrote a blog post on Tuesday about how a hacker got into its network and took 173,600 Ether and 25.5 million USDC stable coins from the company.

A company called Ronin Network said that it is working with law enforcement officers, forensic cryptographers, and its investors to make sure that all funds are recovered or reimbursed. “The attacker used private keys that had been hacked to make fake withdrawals,” says the teacher.

During a Wednesday tweet, Larson said that the hack was “social engineering combined with a human error.” He said that Ronin plans to add more validators to the network to make it more decentralized.

To make sure that any of the stolen ETH moves from this Ethereum address, Sky Mavis has hired Chainalysis. “It doesn’t look like the hacker will be able to get their money back very quickly.”

The funds that were stolen in the crypto hack include “deposits of players and speculators, as well as the Axie Infinity Treasury revenue,” Larsen said. The attack took place on March 23, but the company only found out about it on Tuesday.

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