Sky Mavis Management Promises to Reimburse Players Following a Security Breach

Ronin Network, a daughter project running on Axie Infinity, recently suffered from a massive hack attack. Following the breach, the stakeholders of the network have issued a statement asking them to express their condolences to the players and promising them a full refund. Speaking to Bloomberg, Aleksander Leonard Larsen shared more details.

In his capacity as the COO of Sky Mavis, he told the media that the company wishes to reassure the players that their financial losses will be reimbursed in full. He also commented that the security department of the company has been working on fixing the issue and will report back to its users ASAP. Ronin network is also in contact with law enforcement agencies to address the issue.

Recently, the Ronin network has posted an update on its official Twitter platform about the recent hack attack. The platform claimed that a series of negotiations and discussions are in process with law enforcement agencies and forensic cryptographers. On the other hand, the team is also contacting and communicating with the investors to ensure that they can get full reimbursement for their lost funds.

The first report of a breach was made 24 hours ago when the security team alerted the network users that their validators have been compromised. The hack attack resulted in the threat actors getting away with 173K Ethereum coins and 25.5 million USDC tokens. According to cyber security experts, the Ronin attack has become the largest blockchain breach with an estimated loss of $615 million.

Axie Infinity Co-Founder Shares Details About the Latest Hack Attack

Co-founder Aleksander Larson recently shared the detailed report of the forensic postmortem of the Ronin network. He made it clear that the attack was socially engineered that exploited human error.  The attack was primarily undetected but it was first reported when a user reported that he was unable to withdraw five thousand Ethereum tokens from the bridge.

The forensic report also revealed that the attackers were able to take control of the Ronin validators from Sky Mavis. He also claimed that for the time being the tech is now restored and new validators will soon be added by the Ronin network developers. Meanwhile, the Ronin network claimed that the country is working on transferring its nodes that will now have a completely different address from the existing infrastructure.

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