The developers of the sidechain Ronin Network, which is involved in the blockchain game Axie Infinity, have restarted the network and reimbursed users for the funds they lost as a result of the hack it suffered in March.
According to the statement shared by the project:
“All wETH and USDC owned by Ronin Network users are now fully backed 1:1 by ETH and USDC on the Ethereum network as promised. All users have received compensation.”
The assets stolen from Axie DAO’s treasury (56,000 wETH) are expected to be returned with the help of law enforcement. If the funds cannot be recovered within two years, the decentralized organization will vote on how to proceed.
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Ronin was attacked by hackers on March 23. During the hack, hackers stole 173,600 ETH and 25.5 million USDC from the project’s cross-chain bridge.
As a result of a phishing attack on one of Sky Mavis’ employees (behind the development of Axie Infinity), the attackers managed to gain access to the company’s infrastructure and Ethereum sidechain validators.