Axie Infinity Just Restarted Transactions After $615 Million Hack

Image Source: ( google image )

In March, more than $615 million was stolen from Ronin Network's bank accounts. This news was sensational at the time because it involved the largest play–to-earn (P2E) game in the world, Axie Infinity.

After the attack on Ronin's bridge, transactions were stopped. The last two large-ticket transfers to the network were fraudulent withdrawals worth 173,600ETH and 25.5million USDC. An FBI report reveals that the hacking group Lazarus Group was responsible for stealing the ill-gotten wealth to finance North Korea's regime.

More News: Latest NFT News

After the theft

So what happened with Axie Infinity's player base? Binance provided a bridge that allowed users to retrieve funds stored on the Ronin Network. The bridge allowed them the ability to withdraw their funds using wrapped ETH. Standard ETH could then be traded. This led to approximately 46,000 WITH being taken out of Ronin Network's stores since the April 2 announcement. Except that it was nothing.

As of earlier today, Ronin Network had been completely rebuilt.

Ronin Network, Axie Infinity, and Sky Mavis stated that they are now open to transactions on the network. Sky Mavis also covered the remaining 71.600 ETH and 25.5M losses due to the attack. "All [users] are made whole," the announcement said.

It is an entirely different story about the Axie DAO's treasury funds. They still haven't been able to locate the 56,000 ETH stolen during the attack. If these funds do not get recovered for two years, a vote by Axie ADAO will be called to discuss the next steps of the treasury.

Sky Mavis has increased security for the Ronin Network to stop another attack on this scale. The network's "circuit breaker" system will detect suspicious withdrawals and alert Sky Mavis. 90 percent of validator signatures are required for withdrawals of more than $1,000,000.

Withdrawals greater than $10,000,000 in value, however, will only require that 90% of validator signs be signed. A seven-day review will also be needed for an actual person. Monthly withdrawal limits for users have been set at $50 million. Sky Mavis's internal audit was conducted by an independent third party to identify additional ways to enhance security.

Comments

Blue-Chip NFT Holders Are Now Eligible for an IRL Rewards Program

Image Source Google Images A Wednesday press release announced AssetDash's launch of DashDeals. Similar to AMEX Rewards from Web2, a rewards program based on assets. With DashDeals, you can receive rewards instantly for DeGods NFTs, CryptoPunks, Bored Apes, Moonbirds, and other high-end NFT projects. In addition to iTunes, Nike, and GameStop gift cards, NFT holders can enjoy Apple gift cards, Nike gift cards, GameStop gift cards, and Discord Nitro subscriptions. Why it matters NFTs are no strangers to the promise of utility. There are even some who argue that imposing utility on an NFT project can hurt its quality. For new NFT projects entering the market, utility remains a top priority - particularly for corporate-backed projects. However, most buyers of things expect to be able to use them after they purchase them. As a result, numerous projects have served as membership passes in the past. There will be a message saying, "Buy our NFT, and you'll get X p...

A Guide to Magic Eden: A Young Marketplace Making Its Mark

There is a possibility that NFTs might not have gained recognition without the Ethereum blockchain. In the early days of ETH, it appeared Vitalik Buterin's brainchild would always be the go-to platform for nonfungible token sales. However, the NFT ecosystem has expanded far beyond the scope of a single blockchain since the token craze of 2021. With new marketplaces popping up almost every quarter, NFTs are available on virtually every major chain today. In the NFT space, it can sometimes be evident which entities are running sprints and which are running marathons. There is, however, a difference between each of these platforms. You have just discovered Magic Eden, a shiny new marketplace that does so much more than facilitate transactions. This new platform immediately caught the attention of the greater NFT community with its down-to-earth brand voice and fully-integrated Web3 technology. Since Magic Eden began operations a year ago, it has become a serious competitor in the NFT ...

Can a Major Esports Network Convert NFTs’ Biggest Detractors?

There's more to NFTs than just the dynamic PFP projects you might stumble across when browsing social media. For many, the traditional view of NFTs is rooted in a discipline very different from the realm of arts: play-to-earn (P2E) games . This is particularly true for Asian countries, where P2E games like the struggling Axie Infinity were the most popular in the recent study conducted by CashNetUSA that analyzed the top sought-after NFTs according to region. Then there's TechStorm , a Singapore-based digital esports platform that intends to act as an international hub on Web3, which will facilitate collaborations ranging from gamesfi (gaming along with decentralized financing) droppings of NFTs DAO formation, and other things, according to the latest press release . Asia's burgeoning NFT market To develop Asia's Web3 services, the geographical location is crucial. CashNetUSA's analysis found Singapore as the most fascinating country for NFTs, per aggregated user ...

NFT World

Search This Blog