Technology

‘Axie Infinity’ relaunches following $625 million hack

After a massive $625 million hack, the cryptocurrency pay-to-earn game Axe Infinity has reopened. The hack exploited flaws in the Ronin network, an Ethereum sidechain supported by the game’s owner, Sky Mavis, to enable faster transactions. Surprisingly, the news is today Axe Infinity will…continue to use ronin which has been revived after a few audits. In a blog post, the company detailed a new “circuit breaker” system designed to flag “large, suspicious payouts,” payout limits, and human reviewers. It also promised players that a new land staking feature will be released later this week, which will reportedly allow digital land owners to earn passive income.

In March, a group of hackers stole nearly 173,600 Ethereum and nearly 26 million USDC (worth about $26 million) from the game’s network. US officials have since linked the North Korean-backed hacking group to the raid. Last week, Sky Mavis said it would start victims of the hack — but didn’t take into account Ethereum’s drop in value over the past three months, meaning users would only recover about a third of their losses. In total, Sky Mavis returns $216.5 million in funds to its users.

Go forwardAxe Infinity Players are warned against sending funds directly to the Ronin Bridge smart contract address. “The Ronin Bridge should only be entered via the Ronin Bridge and used for deposits and withdrawals. Any funds sent directly to Ronin Bridge contract addresses will be lost permanently,” the company wrote in its post.

Esports.net lately from an error in Axe Infinity‘s design – a decrease in player count will cause the value of its in-game currency to decrease. Bloomberg Earlier this month that the game’s user base has declined by 40 percent since the hack. As of this writing, AXS is valued at $15.30 (down from its July 2021 peak of $160.36) and SLP is valued at 0.0039 (below an all-time high of 0.364).

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https://www.engadget.com/axie-infinity-nft-game-restarts-ronin-blockchain-213023936.html?src=rss ‘Axie Infinity’ relaunches following $625 million hack

Russell Falcon

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