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Sky Mavis Finally Has To Pay $450 Million In Compensation To Hacking Victims

Axie Infinity game developer Sky Mavis has to pay $450 million in damages to hack victims whose assets were stolen from Ronin.

As we all know, the Ronin Network, which is a support service for cryptocurrency exchange transactions for the Axie Infinity game, has been hacked by hackers. The gang ‘successfully’ managed to steal crypto assets in the form of ETH and USDC worth IDR 8.8 trillion.

As a result, Sky Mavis as the developer of the Axie Infinity game which is also still related to the Ronin Network must be responsible for the hack. The responsibility they provide is in the form of compensation to Ronin users whose assets have been hacked.

Blockchain Game Developer Axie Infinity Sky Mavis Compensation $450 Million to Hacking Victims

Launching from NFT EveningSky Mavis had to spend $450 million to pay for the losses suffered by Ronin Network users, where all their digital assets were stolen by hackers.

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Luckily, Sky Mavis was helped by Binance, Animoca Brands, a16z, Dialetic, Paradigm and Accel. The six companies funded Sky Mavis in the amount of USD 150 million.

Commenting on this, Trung Nguyen as CEO of Sky Mavis said firmly that his party is committed to replacing all losses suffered by its users.

He will also use a better security system so that something similar does not happen again in the future.

Sky Mavis Indemnification
Photo: YugaTech

“Sky Mavis is committed to recovering all of our lost user funds and implementing strict internal security measures to prevent future attacks,” Trung said.

“Part of the hacked network was a blockchain bridge called Ronin, which allowed users to move funds in and out of the game. The network will reopen after security upgrades and audits which can take several weeks.”

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Not to forget, Binance CEO Changpeng Zhao also gave his response regarding this case. According to him, Sky Mavis, which is one of the largest companies in the world, was able to resolve the incident well, so users don’t have to worry.

“We strongly believe Sky Mavis will bring a lot of value and growth to the larger industry and we believe it is necessary to support them as they are working hard to resolve the recent incident,” said Zhao.