After a massive $625 million hack, the cryptocurrency play-to-earn game Axie Infinity is once again open for business. The hack took advantage of flaws in the Ronin network, an Ethereum sidechain the game's owner, Sky Mavis, propped up to facilitate faster transactions. Surprisingly, the news today is that Axie Infinity will... continue to use Ronin, which has been revived after a few audits. In a blog post, the company described a new “circuit-breaker” system designed to flag “large, suspicious withdrawals,” withdrawal limits and human reviewers. It also promised players that a new land staking feature — which claims to allow the game's owners of digital land to earn passive income — will be released later this week.
In March, a group of hackers pilfered nearly 173,600 Ethereum and nearly 26 million USDC (worth roughly $26 million) from the game’s network. US officials have since linked the North Korean-backed hacking group Lazarus to the heist. Last week Sky Mavis said it would begin reimbursing the victims of the hack — but didn't account for Ethereum’s drop in value over the past three months, which means that users would only recover about a third of their losses. In all, Sky Mavis is returning $216.5 million in funds to its users.
Moving forward, Axie Infinity players are warned not to send funds directly to Ronin Bridge’s smart contract address. “The Ronin Bridge should only be accessed and used for deposits/withdrawals through the Ronin Bridge UI. Any funds sent directly to the Ronin Bridge’s contract addresses will be permanently lost," wrote the company in its post.
Esports.net recentlypointed out a flaw in Axie Infinity’s design — a drop in the number of players causes the value of its in-game currency to plummet. Bloomberg noted earlier this month that the game’s user base has declined by 40 percent since the hack. As of this writing, the value of AXS is at $15.30 (a drop from its high of $160.36 in July 2021) and the value of SLP is at 0.0039 (down from an all-time high of 0.364).
Axie Infinity's Ronin bridge has been restarted three months after a sophisticated exploit saw some $625 million worth of cryptocurrencies stolen from the protocol, the developers said Tuesday. The bridge was restarted after an internal audit and external audits by blockchain security firms Verichains and Certik.
It's particularly popular in Southeast Asia. Hackers stole $600 million in cryptocurrency from the system in March 2022 — an attack that U.S. prosecutors subsequently attributed to Lazarus Group, a North Korean state-backed cybercrime operation.
A hacker managed to exploit the Ronin blockchain that Axie Infinity uses to steal $620 million worth of crypto. Sky Mavis previously said it was achieved through a phishing scheme, and the US government said Lazarus, a North Korea-backed outfit, was behind the heist.
Withdrawal can be initiated inside the game by clicking the AXS/SLP amounts on top, then clicking the Withdraw button. The withdrawals will be reviewed, and will be available for claiming after approximately 3 days on the App. Axie Claim Tokens page. NOTE: Only AXS and SLP earned in-game can be withdrawn.
At its peak, Axie Infinity drew 2.7 million active daily users but those numbers have plunged to about 250,000, according to Cryptogambling.tv, a website focused on cryptocurrency games.
Such a development comes nearly two years after North Korean state-sponsored hacking collective Lazarus Group exfiltrated $600 million worth of cryptocurrency from the Ronin Network, which supports the Axie Infinity play-to-earn game.
The all-time high is still a long way off. However, analysts do expect Axie Infinity to start a cautious recovery. Throughout the year, the price is projected to trend upward. In September the price will reach €6.23 and by December, it is expected to reach €15.21 euros.
The Axie Infinity sidechain hack occurred when an attacker "found a backdoor through our gas-free RPC [remote procedure call] node" and used it to access the Axie DAO validator. This, as the post explained, was not supposed to be possible.
According to Coindesk, as of July 2021, the average Axie Infinity player could earn about 4,500 SLP per month, which was equivalent to roughly $800 USD at the time.
How Much Does It Cost To Play Axie Infinity? A very general answer for how much it costs to play Axie Infinity right now is roughly $300 USD. However, there are a lot of nuances to understand before plunking down your hard-earned cash. Read on for critical info that will help you make an informed decision.
Yes, you can buy and sell Axie Infinity Shards using USD on Kraken. We support a diverse network of payment processors around the world that make it easy to sell Axie Infinity Shards.
Lunacians now have the opportunity to release their Axies to live independently in Lunacia, and in return their Axies will send them back some exclusive gifts. Please note that once you send your Axie away, they're gone forever and cannot be used in battle!
The Axie Infinity sidechain hack occurred when an attacker "found a backdoor through our gas-free RPC [remote procedure call] node" and used it to access the Axie DAO validator. This, as the post explained, was not supposed to be possible.
Xfinity said it concluded on Dec.6 the information acquired by hackers included usernames and hashed passwords, and for some customers, other information may have also been included, such as names, contact information, last four digits of Social Security numbers, dates of birth and/or secret questions and answers.
Sky Mavis revealed that the hackers made away with 173,600 Ethereum and 25.5 million USD Coin, amounting to approximately $620 million. This theft occurred through two transactions in which the attacker used compromised private keys to forge fake withdrawals.
Axie Infinity recently became the first NFT series to reach US$4 billion in sales volume. Over 2.8 million unique addresses hold more than 11 million Axies, the game's NFTs that players breed and battle, with 97% holding the minimum threshold of three Axies required to play the game.
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