Axie Infinity developer promised to reimburse users for $625 million stolen

SkyMavis to hold AXS tokens sale at a discount to major players

31.03.2022 - 10:55

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What’s new? SkyMavis, the company that created the popular crypto game Axie Infinity, has promised to reimburse players for all the funds that were stolen by a hacker during the recent hack of the Ronin Network sidechain. According to the game studio’s chief operating officer Alexander Larsen, the 56 000 ETH the hacker took possession of belonged to Axie Infinity’s treasury, Bloomberg reports.

Bloomberg’s material

How does the company plan to recoup its losses? The hacker managed to withdraw 173 600 ETH and 25,5 million USDC (about $625 million) in two transactions. To compensate for the funds, SkyMavis plans to sell AXS tokens in bulk and at a discount to major players.

Alternatively, the developers of the crypto game have proposed a vote to get funds from the project’s “community treasury” to compensate for hacking losses. The company currently has about $1,6 billion in treasury.

How has the hack affected the tokens? The Axie Infinity (AXS) token fell by 11% after the hack was announced on March 29. According to CoinMarketCap, it was down another 9% on March 30. The RON token, used in the Ronin Network blockchain, fell in price by 20%.

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