After $600 million crypto Heist, Axie Infinity team raises $150 million and launches another NFT game?

In a statement released last week, Sky Mavis, the Vietnam-based business behind the cryptocurrency game Axie Infinity, reported that a hacker had stolen cryptocurrency valued at hundreds of millions of dollars from its blockchain.

Sky Mavis discovered that it had been breached after a user was unable to make a withdrawal six days after the hack. The firm immediately halted all transactions on their compromised Ronin Network bridge, which had been compromised.

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Sky Mavis has now stated that it has received investments totaling $150 million, which “will be utilized to guarantee that all users who have been harmed by the Ronin Validator Hack will be paid.” It’s also releasing a new version of the game, Axie Infinity: Origin, at almost the same time.

As Sky Mavis CEO Trung Nguyen explains, “As a team, we have made the deliberate decision to focus our attention on what lies ahead.” Other crypto firms that collaborate with Axie Infinity and Sky Mavis—and that have large quantities of money invested in Web3 and NFTs—are at the top of the list of companies that invested in Sky Mavis in order to avoid the possibility of the company going bankrupt.

Among the companies on the list are the cryptocurrency exchange Binance, the Web3-promoting venture capital firm A16z, and Animoca Brands, which owns the video game The Sandbox. Sky Mavis has now said that it intends to reopen the Ronin Network bridge after it has undergone a security upgrade as well as audits to see whether or not there are any additional vulnerabilities. Transactions with the network have been reopened by Binance (who just made an investment in the game), which implies that “all individual users will be able to withdraw their cash,” according to the cryptocurrency exchange. The Sky Mavis team claims that the heist on March 23rd (which, once again, went unnoticed until a user attempted to withdraw funds and was unsuccessful) was “socially engineered,” taking advantage of vulnerabilities created as a result of trade-offs made in the process of attempting to achieve widespread adoption.

While they remain committed to making players whole through the use of their own funds in conjunction with the investments, the 56,000 ETH stolen from the Axie Infinity DAO’s treasury will remain “undercollateralized” while the company and law enforcement work to recover the cryptocurrency, according to the company. They intend to wait two years before putting the matter to a vote in the DAO on what to do next. In terms of the stolen cash, around 168k Ether (worth more than $540 million at the time of writing) remains in the wallet where the thief or thieves left it, according to the police. A challenge arises when trying to launder a haul of that magnitude since transactions conducted on the blockchain may be seen by anyone. As we explained in 2013, while crypto mixers and tumblers can assist in concealing the source of cash,

law enforcement agencies are paying increasingly closer attention to them, and washing such a large volume of money might take a significant period of time. According to a story in The Wall Street Journal, the CEO of bug bounty platform Immunefi stated that transferring this much money via a tumbler may take years to complete. Watchers in the industry, like Peckshield, keep alerting people when small amounts of stolen cryptocurrency are moved out of the thief’s account and into other wallets and mixers, like Tornado Cash.Trung Nguyen, founder and chief technology officer of promising startup Lozi, was 20 years old when he started the company. At the time of writing, Lozi was a culinary blogging social network.

There were 8 million users at one time, indicating that the startup was popular among Vietnam’s teenagers and young adults. In 2015, it obtained a seven-figure investment from Golden Gate Ventures, which served as the lead investor. Nonetheless, as the company evolved, Nguyen began to feel as though his path was separating from that of his other co-founders. As a result, Nguyen left the firm in 2015 and spent nearly three years in Ho Chi Minh City working as a software developer for Anduin Transactions, a Silicon Valley-based startup with a platform that makes investment transactions more timely, efficient, and transparent. In particular, Nguyen was interested in the accountability provided by Anduin’s platform; as a result, when individuals in Vietnam started talking about blockchain, it clicked right away.

Others, on the other hand, were more interested in Bitcoin and other cryptocurrencies, and some businesses were operating scams through initial coin offerings (ICO). It wasn’t in the promise of rapid, dangerous gains that Nguyen saw the potential of blockchain technology. In fact, as a lifelong gamer, he was particularly interested in CryptoKitties, one of the world’s first blockchain-based games in which players can buy, sell, and breed virtual cats that are each unique and validated by the Ethereum network’s architecture. CryptoKitties is one of the world’s first blockchain-based games. A new manner of creating games was something Nguyen identified as being possible with blockchain technology. Nguyen was hooked on CryptoKitties after only a few months of playing the game in 2017.

When speaking with KrAsia in Ho Chi Minh City, he revealed that he had amassed a collection of 1,000 virtual cats. I was intrigued and my mind was piqued by it. ” Nguyen was intrigued by the economy that developed within the game and decided to invest around US $600 in it. It wasn’t long after that he realized that he could create his own blockchain-based game, combining the aspects of genuine ownership and an advanced genetic system seen in CryptoKitties with parts of competitive gaming found in the Pokémon series or Neopets. Last month, I reported about Loot, a social media initiative that was unlike anything I had ever seen before on the internet.

Non-fungible tokens, also known as NFTs, were the catalyst for the creation of a complete fictional universe around them by the Loot community from the ground up, which was made feasible by the unique digital objects known as non-fungible tokens. Specifically, I’d want to discuss another large-scale social experiment that NFTs have made possible, as well as the potentially deep ramifications of the platform that is growing as a result of these experiments. I understand that the mention of blockchain projects causes a lot of you to roll your eyes and close your browser tabs when you hear them mentioned. Today’s installment, like the last one on Loot, is about one of those outlandish enterprises that seems too amazing to pass up. In particular, because it might appear to be little more than a low-cost Pokémon clone on the surface.

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