Axie Infinity Tokens Reel After Latest $622M Ronin Hack

Axie Infinity tokens reel after the latest $622M ronin hack while the AXS token continued to tumble following the hack from a day ago so let’s read more in our latest cryptocurrency news.

A day after Sky Mavis announced that a hacker stole 173,600 ETH worth $622 million from the Ronin Sidechain, the AXS token and the SLP tokens are reeling. Sky Mavis is the developer team behind the popular play-to-earn crypto game Axie Infinity and the Ronin network is actually a sidechain that bridges the game to the main ETH network and allows players to transfer funds in and out of it.

1/4 @Ronin_Network update

Been an intense 36 hours

Been working with the Sky Mavis board and key cybersecurity personnel to get a complete overview of the situation

Our internal network is currently going through a deep forensics review to ensure there is no lingering threat

— Psycheout – Aleksander | Axie Infinity (@Psycheout86) March 30, 2022

The Axie Infinity tokens are crashing, AXS is down by 7.3% and SLP is down by 5.1% over the past day according to the data from CoinMarketCap. The AXS token is used to participate in the game and serves as a governance token while the SLP is awarded to the players when they complete a quest or win against an opponent. Axie Infinity co-founder and chief operating officer Aleksander Larsen noted that he is working with the SKy Mavis team and cybersecurity experts to rule out the possibility of further threats to the Ronin Network:

“This was a social engineering attack combined with human error from December 2021. Sky Mavis tech is solid and we will be adding several new validators to the Ronin Network shortly to further decentralize the network.”

The hack was reported a day ago by Axie Infinity developer Sky Mavis who said the attacker used hacked private keys and made fraudulent transactions a week ago. Sky Mavis and the founders were criticized for not catching the hack soon and for not being decentralized enough to prevent an exploit in the first place. Larsen said that the stolen funds will likely be recovered or reimbursed.

As recently reported, Axie Infinity was one of the first crypto games to leverage crypto and NFTs to enhance its gameplay. The game itself is quite simple, the users mint Axies as NFTs and then battle them against other Axies and earn tokens called Smooth Love Portion with the users can then use these tokens to breed even more exits and continue playing. The Axies, AXS, and SLP tokens all have a real monetary value.
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