![]() When choosing a blockchain to build on top of, developers need to ensure not only the speed of transactions, but also the robust security of the layer 1 solution. With only nine nodes in the entire ecosystem, it was much easier for hackers to compromise the network and drain users of their funds. We believe this is more indicative of the use of untested side-chains (Ronin Network) and the lack of a decentralised validator system behind their blockchain. Axie has a great treasury balance, and a bright roadmap focused on NFT utility and gaming engagement. “I believe this should not put a dent in the public’s view of NFTs as long as Sky Mavis delivers on reimbursing their players and those who lost money. We wanted to find out how detrimental this hack really was, and reached out to executives from across the crypto industry to hear their thoughts on the impact this would have on public trust of NFTs: Billy Huang, co-founder of Luna Market Binance Launchpad is not exclusive to Axie Infinity though and plans to help more projects reach their true potential. We have seen the tremendous work and growth of the Sky Mavis team since working together on the Axie Infinity project on Binance Launchpad,” said Binance CEO, Changpeng Zhao, as the crypto exchange plans to raise funds and provides advisory services to help Axie Infinity grow. “In order for the global ecosystem to continue thriving and maturing, it is imperative that we work together, especially when it comes to security, which is our strong suit. The Ronin Bridge has since been taken down and security and audit improvements are being made, but this could take weeks. Since the hack, Sky Mavis has made efforts to restore the stolen funds, raising $150million in funding led by crypto exchange Binance. Software engineer, Molly White, likens Axie Infinity tokens to chips in a casino: if a casino is robbed and has no money left to trade, users won’t receive any money for exchanged chips. Instead, it was the bridge the underlying assets that allowed you to convert the games proprietary tokens into Ethereum and then to cash, that was taken. So why did no one notice the hack for almost a week? This could have been in part to the fact that it was not the NFTs, the Axies, themselves that were stolen had this been the case, it may have been brought to light much sooner. The Ronin Network, is a crypto network that helps power the game, developed by Axie Infinity publisher, Sky Mavis. The best example of this is Axie Infinity, where players collect and mint NFTs which represent axolotl-inspired digital pets known as Axies. ![]() Selling NFTs has developed into a lifeline for some in developing countries, as Play to Earn has established itself as a viable way of making a living. Read on to see how various executives from the crypto community responded to the hack. ![]() This was not the case for the non-fungible token (NFT) Play to Earn company, Axie Infinity, which had $625million worth of a mixture of Ethereum and USDC stolen on the 23rd of March via its Ronin Network: six days went by before the biggest crypto heist to date was noticed. When an established company in the fintech sphere suffers from a cyber attack, the impact is often seen immediately. ![]()
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