Axie Infinity devs respond to $ 600 million cryptocurrency theft by launching Axie Infinity: Origin

Last week, Sky Mavis, the company based in Vietnam behind the cryptocurrency game Axie Infinity, revealed that a hacker stole hundreds of millions of dollars worth of cryptography from his blockchain. Sky Mavis realized that it had been attacked when a user could not make a withdrawal six days after the breach and the company froze business on its Ronin Network bridge which was in danger.

Sky Mavis has now announced that it has received $ 150 million in investments that “will be used to ensure that all users affected by the Ronin Validator Hack are reimbursed. At almost exactly the same time, it launches a new version of the game, Axie Infinity: Origin. According to Sky Mavis CEO Trung Nguyen, “As a team, we have made a deliberate decision to focus on what lies ahead.

Other cryptocurrencies that work with Axie Infinity and Sky Mavis – which have huge amounts tied up in Web3 and NFTs – lead the list of names that bought in to save Sky Mavis instead of seeing it possibly collapse. The list includes Binance’s cryptocurrency exchange, Web16 promotions venture capital firm A16z and Animoca Brands, which owns The Sandbox, along with several others.

Sky Mavis now says it intends to reopen the Ronin Network bridge after undergoing security updates and audits to try to identify other vulnerabilities. Binance (which recently invested in the game) has reopened trading on the internet and according to the stock exchange, this means “all individual users will be able to withdraw their money.

The Sky Mavis team says that the March 23 robbery (which again went unnoticed until March 29 when a user tried to withdraw funds and could not) was “socially designed”, which took advantage of the weaknesses of the compromises made while tried to achieve general adoption. Although they are determined to make players whole by using equity along with the investments, the 56,000 ether taken from the Treasury Axie Infinity DAO will remain “underinsured” while the company and law enforcement try to get the cryptocurrency back. Their plan is to wait two years and then let the DAO vote on what to do next.

As for the stolen assets, there are about 168 thousand ethers (worth over 540 million dollars at the time of writing) left in the wallet where the thief or thieves left them. It’s a problem trying to wash a drag of the size where anyone can see trades made on a blockchain. As we described in detail in 2013, while cryptocurrencies or jars can help cover up sources of money, law enforcement agencies are still focusing on them carefully and washing such a huge amount could take a long time.

Report after Wall Street Journal quotes the CEO of the bounty platform Immunefi and says that it could take years to transfer such a large amount of money through barrels. Industry enthusiasts like Peckshield keep sending alerts in real time where small fragments of the stolen cryptocurrency are transferred from the thief’s account to other wallets and to faucets such as Tornado Cash.

Nguyen says Ronin Network will increase the number of verification nodes on its blockchain network in the next three months from five to 21 to strengthen security. Having fewer nodes to view transactions makes things faster and more efficient. However, it can be a security risk if someone compromises enough of them – in this case, the attacker took over five of the nine knots and was able to withdraw any money he wanted.

Before the burglary took place, Axie Infinity was already suffering from a 45 percent decrease in daily active users, as reported by Bloombergand economic problems in the game that caused operators to reduce the amount of SLP tokens that players could earn through PVE play every day (the lure of the game is that you can play to earn money using the NFT characters you have purchased access to) in half, “with the long-term health of the ecosystem in mind.”

Despite the theft, the company recently released “Early Access” alpha version of its next game, Axie Infinity: Origin (other planned rotation, Land, will invite players to take on the fun role of “land baron”. This new “ecosystem experience” should be more welcoming to audiences around the world (Axie Infinity claims over 2.2 million monthly active players, and player count indicates that about 40 percent are in the Philippines, where many rely on it as a full-time job), with “brand new interfaces, game theory, art, special effects, plot, and extensive experience on board. ”

Most importantly, unlike the base game, players will start with three free “aces” to fight. Although their free aces do not allow participation in the “earn” section of the “earn game” section, the idea is that it is a way for people to try out the game without having to buy an NFT character or hire one of the players who rents access in exchange for a reduction in income. As the announcement states, “Finally, new players will be able to learn the game and fall in love with the universe before they have to touch cryptography and NFT!

Developers say the current Battles v2 (Classic) version of the game will remain live until they finish testing, then remove the old version and move the token into Origins, which removes a valuable incentive to play the older game. All players who are tempted to create a Ronin wallet and finance it with cryptocurrency to buy aces can keep in mind that users will be reimbursed after the big robbery, but is that enough to make someone confident that it will not happen again?

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