Sky Mavis Pledges to Reimburse Players Following Axie Infinity Hack

Sky Mavis, the company behind popular play-to-earn game Axie Infinity, has pledged to reimburse players after hackers stole $625 million from the underlying Ronin blockchain.

• “We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action,” a Sky Mavis spokesperson said in a statement to CoinDesk. Bloomberg first reported on Sky Mavis’ pledge.
• The stolen funds included the deposits of players and speculators, plus revenue from the Axie Infinity Treasury, Sky Mavis Chief Operating Officer Aleksander Leonard Larsen told Bloomberg.
• The attacker found a backdoor in a Ronin node then used hacked private keys to create withdrawals. The losses included 173,600 ether and $25.5 million in USDC.
• AXS, the token behind Axie Infinity, fell as much as 11% after the hack was announced, while the Ronin blockchain token RON fell about 20%. AXS is down 7% over the last 24 hours and has declined over 20% since the announcement of the hack.

Read more: Axie Infinity’s Ronin Network Suffers $625M Exploit