Max E.Thu, Mar 31, 2022 8:00 PM
Metaverse Tokens Not Affected Despite $625M Hack on Ronin
On March 29, Axie Infinity's sidechain Ronin was hacked in one of the largest attacks in the history of the decentralized finance sector. The cybercriminals stole ~$625 million worth of crypto assets. These funds included deposits from players and speculators, as well as revenue from the Axie Infinity treasury.
The management of Sky Mavis, the company behind the blockchain game, ruled out an insider attack. According to them, in order to gain access to the assets, the criminals resorted to social engineering methods and later exploited the vulnerability. The attack occured on March 23, however, it wasn't revealed until a few days later. During the attack, hackers managed to gain control over five out of nine validators.
On March 31, Sky Mavis promised to reimburse users for losses and said that the team was working with specialists to track the movement of stolen funds. Ronin is currently undergoing a technical audit to identify weaknesses.
To make Ronin more decentralized, the team will add several new validators: there are currently 9 validators running the sidechain.
Despite the incident, users continue to invest in games, NFTs, and metaverse digital currencies. This is evidenced by the continued growth in prices of such cryptocurrencies as Enjin Coin and The Sandbox.
After the attack, the native token of the AXS project fell by more than 11%, from $72 to $62. It has since partially recovered and is trading at $63.30 at the time of writing.
The Smooth Love Potion in-game token also experienced a negative price correction. It fell from $0.0248 to $0.0196, a drop of nearly 21%. Since then, it has recovered slightly and is trading at $0.02023 at the time of writing.