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Sky Mavis Promises to Compensate Lost Users for Ronin Hack

After hacking and stealing $625 million from the Ronin blockchain, the Singapore-based game studio Sky Mavis pledges to repay users, according to Bloomberg.

The hackers reportedly stole around 173,600 ether and $25.5 million in Coin tokens on March 23. At current prices, the stolen funds are worth approximately $615 million. According to blockchain analytics firm Elliptic, this is the second-largest cryptocurrency hacker theft on record.

Ronin said that they are now actively recovering the stolen cryptocurrency, adding that:

“We are working directly with various government agencies to ensure the criminals get brought to justice,”

The Ronin Network has suffered what is being tagged as the largest hack in the history of Decentralized Finance (DeFi), which funds over $625 million carted away by the hackers.

Ronin Network is an Ethereum sidechain created with Axie Infinity’s community. It is the product of the search by the Axie Infinity team for a fast, cheap, and reliable network resident on the Ethereum blockchain.

A spokesperson from Sky Mavis said:

“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”

Hackers used hacked private keys to create withdrawals through overlooked nodes and currently lose 173,600 ETH and $25.5 million in USDC.

Sky Mavis COO Aleksander Leonard Larsen said the stolen funds included Axie Infinity’s treasury revenue in addition to user deposits.

The total value of $3.6 billion Bitcoins disappeared while the founders of South African cryptocurrency exchange AfriCrypt are missing, Bloomberg reported last June.

Online cryptocurrency exchange Liquid Exchange was attacked by hackers and transferred approximately $80 million worth of cryptocurrency on August 19, 2021.

Binance-led Investors to Rescue Victims in Ronin Hack

Crypto Exchange Binance said on Wednesday that the exchange is leading other investors to aid victims in the recent hacking in RONIN, according to Reuters.

Ronin Network is an Ethereum sidechain created with Axie Infinity’s community, back by Vietnam-based company Sky Mavis.

Last week, The Hackers Reportedly stole around 173,600 ether and $ 25.5 Million in coin tokens on March 23. Currently, the prices of the stolen funds are worth approximately $ 615 million.

The Singapore-based game studio pledged to repay users after hacking and stealing from the Ronin blockchain on March 31.

Sky Mavis said it would reimburse lost funds through bailment monetary funds and investors, including encrypted currency exchange bonuses and venture capital companies a16z.

The CEO of Binance, Changpeng Zhao, said：

“We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it’s necessary to support them as they work hard to resolve the recent incident.”

However, Binance and Sky Mavis did not put a figure on how much of the $150 million Binance would provide. Sky Mavis CEO Trung Nguyen commented that：

“Sky Mavis is committed to reimbursing all of our users’ lost funds and implementing rigorous internal security measures to prevent future attacks,”

In addition, Sky Mavis indicates that it may take a week to audit and safely upgrade, which will allow the user to have a platform for access.

Binance Announces PIXEL Airdrop for RONIN Locked Products Holders

In a significant development for cryptocurrency enthusiasts and investors, Binance Earn has officially announced its support for the Pixels (PIXEL) airdrop, exclusively targeting eligible users of RONIN locked products. This move signals Binance’s continued effort to reward its user base and foster the growth of the digital asset ecosystem.

Snapshot and Distribution Details

The PIXEL airdrop is structured to reward users based on their total RONIN locked products subscription amount at the snapshot time. The snapshot, which is crucial in determining user eligibility, was taken on February 8, 2024, at 23:59 (UTC). The airdrop scale is tiered, with rewards increasing in line with the amount of RONIN held at the snapshot time. The PIXEL tokens will be distributed directly to users’ Spot wallets and are expected to be completed by March 18, 2024, 12:00 (UTC).

Eligibility Criteria

To be eligible for the PIXEL airdrop, users must meet several criteria. It is essential that users hold a verified account with at least one active RONIN Locked Products position containing a minimum of 1 RONIN at the snapshot time. Furthermore, the account must be in good standing, without any restrictions imposed. It is important to note that U.S. persons, entities, and users from sanctioned countries are not eligible for this airdrop due to regulatory restrictions.

Implications for Investors

This airdrop serves as a testament to Binance’s commitment to providing value to its user base. By integrating airdrops with its locked products, Binance incentivizes long-term holding and investment within its platform. This strategy not only benefits users through potential airdrop gains but also stabilizes the locked products’ ecosystem by encouraging retention.

Regulatory Compliance

As the cryptocurrency space continues to mature, compliance with regulatory frameworks remains a critical focal point for major exchanges like Binance. The exclusion of U.S. persons and entities from the PIXEL airdrop underscores the complexities of navigating the regulatory landscape. Binance, through its adherence to these regulations, reinforces its position as a responsible player in the global market.

Market Volatility and Investment Caution

In line with responsible trading practices, Binance reminds its users that the digital asset market is subject to high risk and price volatility. Investments can fluctuate in value, and past performance is not indicative of future results. Users are encouraged to make informed decisions, considering their financial situation and risk tolerance, and to seek independent financial advice if necessary.

Conclusion

The PIXEL airdrop is a clear indicator of Binance’s user-centric approach and its ability to adapt to the evolving needs of the cryptocurrency community. As the platform continues to expand its offerings, users can look forward to more such initiatives that enhance their investment journey.