Sky Mavis to refund users affected by the Ronin hack 1

TL; DR Breakdown

• Sky Mavis will refund users affected by the hack
• The company raised $150 million in a round
• Ronin network is still unused since the event

Axie Infinity’s parent company, Sky Mavis, has released an update regarding the loss of funds that occurred on Ronin some weeks back. In the announcement, the firm communicated to the public that users would be refunded through the $150 million raised. The funding round saw famous companies pitch in funds, including known crypto exchange, Binance. The finding round is also one of the few ways the company is using to return to its feet.

Sky Mavis raises $150 million in funding round

In the statement, Sky Mavis announced that they are taking measures to ensure that the funds lost to hackers are recovered. It mentioned that it wants to use the opportunity to restore the faith of players and users alike in Ronin. The finding round, which saw companies raise around $150 million to refund users, saw other play to earn gaming companies involved.

Giving his views about the whole situation, Binance CEO Changpeng Zhao talked about why Binance chose to be a part of it. CZ said that the crypto exchange still has a high degree of faith in the Sky Mavis and would help them overcome the issue and stand back on their feet.

Ronin network bridge unused since the attack

Sky Mavis also mentioned that asides from the measure mentioned above, there are plans in place to cushion the effect. Sky Mavis noted that it would try its best to ensure that all users across the platform affected in the hack are paid back what they lost. In order to achieve this, the company said it might dip its hands into the funds that are kept in the treasury.

Also, the company said it would continue to work with authorities to ensure that all the crypto that was stolen from the company would be recovered. However, the $56,000 worth of Ethereum taken by the criminals will be collateralized. The company also mentioned that it is currently looking into the loophole from which the criminals breached the platform.

The company will also leverage the help of Binance and other parties involved to ensure higher security on the platform. Notably, the Ronin network has not been used since the hack day. Although the company is now working on it, the firm says it might be ready in weeks to come. The company wants security to be the bedrock of its existence, hence the internal security measures being put in place presently.