Axie Infinity Halts Withdrawal From Ronin Network

Users of Axie Infinity will not be able to withdraw their cryptocurrencies from the Ronin network while the hacking of the system is being investigated
Axie Infinity Halts Withdrawal From Ronin Network
Axie Infinity Halts Withdrawal From Ronin Network

Axie Infinity’s Ronin Network Suffers Major Exploit

Ronin earlier said that hackers stole cryptocurrencies now worth almost $615 million from its systems. Unidentified hackers are said to have stolen 173,600 ether tokens and 25.5 million USD Coin tokens from Ronin on March 23.

Ronin is being developed by Sky Mavis, a Singapore-based game firm that also owns Axie Infinity. According to Etherscan, an attacker “used hacked private keys to generate fraudulent withdrawals” from the Ronin bridge over two transactions.

The platform is used to convert cryptocurrencies gained in the game, such as AXS and SLP, into easier to trade and convert cryptocurrencies, such as Ethereum or the USDC stable currency.

Axie Infinity To Ensure That No Money is Lost

Axie Infinity Philippines’ lead, Nix Eniego, stated that the company is striving to ensure that no money belonging to users is lost.

“We are actively investigating the situation and are in the process of discussing with Axie Infinity/Sky Mavis stakeholders how to best move forward and ensure no users’ funds are lost. We will continue to provide updates as we learn more,” Eniego said.

Axie users have little choice except to wait it out and hope for the best, according to Richard Laig, an Axie gamer.

“Everyone who is playing Axie infinite actually doesn’t have a choice because their assets are now in that ecosystem,” Laig explained. “All that is left now is to have faith in Sky Mavis’ pledge to make everyone whole and to increase their security moving forward.”

According to Sky Mavis, the hack has demonstrated that Ronin is not immune to dangers.

“We understand that confidence must be earned, and we are deploying the most sophisticated security systems and processes to avoid future assaults,” the business added.

Axie Remains Popular Despite Breach

Meanwhile, Laig, who is also a blockchain game developer, believes that Axie will remain popular despite the breach.

“I believe it will be around for a long time.” Axie was preparing for the release of its next version, Origins. Unfortunately, the timing of this will almost certainly affect the release of the new update. Everyone in the neighborhood is keeping a careful eye on what happens next.”

Play-to-earn games like Axie grew in popularity in the Philippines during the early days of the COVID-19 pandemic, when many Filipinos sought methods to weather the economic hardship brought by the outbreak.