Aleksander Leonard Larsen, CCO of Sky Mavis, the company behind the blockchain-based game Axie Infinity, plans to refund players as soon as possible.
Stuck in a difficult situation, the company is currently trying to find a viable solution.
As it will be remembered, Ronin, an Ethereum-linked side chain developed by Sky Mavis, was attacked by a hacker and the cost of the attack had exceeded 600 million dollars.
The hacker managed to hijack the bridge’s “verifier” nodes, causing him to steal cryptographic keys and withdraw all funds.
The attack was recorded as the biggest DeFi attack. The biggest DeFi attack before that was on Poly Network last August. Negotiations after the attack yielded positive results, and the protocol was able to recover funds worth $611 million.
According to Elliptic, the hacker started converting stolen USDCs into Ethereum shortly after performing the attack. Because Circle, which launched USDC, could have seized the funds.
Hacker used to do this using decentralized exchanges that do not need any identity checks. However, the hacker later started laundering some of the Ethereums he stole via centralized exchanges, causing concern in the crypto community.
The world’s largest cryptocurrency exchange, Binance, announced that it has suspended transactions on the Ronin network after the attack.
Merkle Science’s Rishav Rai told Bloomberg that it is “very unlikely” that the funds will be recovered.
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