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Every player of Axie Infinity can presently relax after the loss of $600 million which was caused by an exploit a hacker used to take advantage of the Ronin sidechain and steal ETH and USDC. Binance has lead a $150 million funding round to restore some of the stolen funds and help build an sustainable ecosystem for Ronin.

Also, there are rumors that the hack was an inside job by one of Axie's developers.

https://i.ibb.co/cwsQNk1/6-B614-C5-F-28-B3-4-FB6-AA7-D-AD0-FFA96-BB57.jpg

Binance is happy to announce that it has led a $150 million USD funding round of Sky Mavis, the creator of leading NFT breakout title Axie Infinity, to restore funds on the Ronin Bridge, with participation of Animoca Brands, a16z, Dialectic, Paradigm and Accel. The round will be used to reimburse user funds affected by the Ronin Validator Hack.

On March 23, Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5 million USDC drained from the Ronin bridge. The attack was socially engineered, and a thorough investigation is ongoing. The root cause of the breach was the small validator set which made it much easier to compromise the network. Sky Mavis will onboard up to 21 validators within the next three months, which will be a split between various stakeholders in the Axie community, and will together manage an open-source codebase.

Read in full https://www.binance.com/en/blog/ecosystem/binance-leads-$150m-funding-round-of-sky-mavis-the-creator-of-axie-infinity-to-restore-funds-on-the-ronin-bridge-and-to-build-a-sustainable-global-ecosystem-421499824684903659

It's good to hear though that Binance is in the rescue of Axie after that hack.

And it's interesting that this is somewhat an inside job? Because that's really sad and there's no way that you are going to stop it if the criminals is inside.

But yeah this is a welcoming news because even our holders and traders of Axie in our local exchanges have lost money too in this hack.

Hacks and thefts are becoming increasingly common practice in crypto industry. A downside of a decentralized economy where enforcement and security agencies have practically no control over it. There's no way to recover the stolen funds unlike banking channels. So it's a good news that Binance has come to the rescue of Axie founder and initiated a funding event which led to 150 million USD funding. But how much stocks Axie founder had to dilute after this funding round? Some damages are irreparable!

I don't know if it's good or not because they still lose the funds and this funding round of Binance is just a nand aid solution to issue. This investors of 150M usd didn't invest there moneyfor nothing. Ofcourse they will get something in exchange for that money and dump on the AXS and SLP holders gradually. This is some bullshit show of CZ trying to be a good samaritan yet he will be ripping money lf AXS investor in the long run. I will definitely avoid this token if I were you.

Well, not many people can resist the temptation of that kind of money, but I hope that person is found soon. however, it's great to hear that binance is helping with this issue. that's a lot of money. no wonder a few days ago i heard a problem with some axie players.
I'm just curious where the rumors came from. is that just wild speculation, or is there some evidence that makes people think that way. Well, this might be a little interesting to explore. however, i agree that it is very difficult to recover hacked assets unless they get the person who did the hack. Binance made another great move by helping Axie out of the brink of collapse.

I think its a good thing that happened. How comr axie can recover with such mess anyway. We all knew they invested for something in return, with that said, Im sure Binance will definitely help axie back to their feet and assist on all types of progress. Thats assuming ron will be listed on their cex sooner or later.

It sounds like CZ is a scammer or opportunist  with that tone, however, would you rather let axie go down straightly, imagine how many users and investors are here hoping for its comeback.

Very positive work by binance and welcome to Axie Creators. Infact this is the reason why Axie not got down much and price of token still showing potential. This hacked was very big and it could Axie project down but they recover very quickly.
Is there any way to avoid these hacking?

This is not a save, this is an investment. Binance is not a charity organization to help other projects just like that. I am sure Binance will gext a partial ownership of Axie Infinity in exchange for these 150$ millions. Or Axie Infinity devs will integrate a crossing to Binance, every time player need to buy, sell or trade something.

It probably will recover soon and the prices will come back surpassing the ATH. There are so many players to this game and investors are betting to make the economy great again. I'm not a gamers but I see there are more gamers to come wanting to be part of it. This market has yet to grow more and the developers will likely to improve its security and the gaming experience.


Have they identify this disgruntled developer?

It's always an inside job, most hackers are one of the builders themselves, there is no pencil without the erasers isn't it? Any way a round of applause for binance CEO, that man is one of a kind I wish all crypto projects CEO are like him or at least learn from him.

This is how I imagine CZ's help too.  He is a VERY good businessman and I doubt this was just random help.  He probably sees an opportunity in Axie and this is the perfect timing for his input.  What Binance is looking for is a better public image of themselves and business.

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Regards,
PrivacyG

Binance saves at least a portion of the hack and that's very good of them and I know the reason why, it is because ever since before the hype of Axie. They've always been an investor in the game.

Today is also the launching of the origin and that's why it's time that they've got this good news together with the origin. Welp, if the hack is an inside job by one of its developers, hopefully he gets what he deserves in the future with this incident he has made.

Yep, i do agree with it. This is not good. Axie itself will leave its responsibility to bring back investor money. Binance has nothing to do with axie hack and that's the team's fault.
Im sure that the game already sold to the binance. Axie was full with amateur developers that didn't even aware about how important the security.
This funds were coming from binance and not from the hackers who have been hacking their funds.

I dont believe that Binance could give such large amount of money just for nothing. Just to support a popular game. I am sure there is a future profit behind this deal. There have been numerous hacks in cryptocurrency, and Binance decides to help one of most profitable and popular games. I believe Axie Infinity has already earned enough profit to be able to party cover losses by themselves. If Binance planned to get fame and reputation by that move, they could make a donation instead. Binance dont help AI, either this is sort of a money laundry, or hidden act of takeover.

Binance exchange masters of creating fake blockchains with 21 validators :)
https://bscscan.com/validators
The game used a centralized Ronin Network ecosystem https://explorer.roninchain.com/validator for fast payments, which was hacked. Now it will work on a similar ecosystem.  What does blockchain have to do with it?

IMO, I believe it was a huge blow for the Axie Infinity team just imagine how big that amount that was stolen $600 Million that's not a joke that's why Binance's decision and effort to rescue Axie infinity is a good sign of support from Binance itself and I think it's not surprising because Axie Infinity also launched at Binance launchpad in its early days so it has a mutual connection since then.     

No question about it, the hack casts a shadow of the doubt as investors scramble to learn how the hack happen and specially with the huge amount involved. And what's interesting is CZ trying to rescue it, for sure he has some interest on it. Maybe in the future he will be part of the project, perhaps as an advisor or something. Because he will not raised that big amount without something in return.

If this is true then it's bad for the community and if it will result in a loss of trust in the community, they have to verify this and address this issue, if it's an inside job they should prosecute member or members of the developers, and if this is not true then they should address it, the confidence of investors and community should be the main concern now of Sky Mavis glad that Binance takes action to support Sky Mavis.

It was the largest crypto heist or largest crypto hacking incident in cryptospace.
On the other hand though, its good to see popular exchange Binance and CZ with the help of other companies help Sky Mavis with what happened to them and I know that these companies are expecting any return from what they did. :) Businessmen doing business things.

Its the first NFT game and I think they will not just let the game go down right now and now that Origin just released today (early access), the game has future and the companies that helped them have trust in them.

In contrary, this hacking incident that happened to them left questions to the current investors and the future ones. The investors who wants to invest into the game are asking themselves. "Is it still worthy to invest in this game?" and the like.

You have a valid question, not every PVE has Binance to back them and help them recover, it really cast doubts on PVE now, the biggest and original gaming site in the industry is in a bad light, PVE is still profitable and will continue to trend,  investors should now look for developers who can secure the trust of their investors, and see to it that similar incident will not happen.

It's a good thing that Binance is willing to save Sky Mavis. They're really selfless, especially in the Ukraine crisis where they have donated a huge sum of money. Although I don't have Axies for now, but I am going to try out their non-P2E game called Axie Origins which is now live and running. I've just checked my dashboard and the Ronin bridge was still not yet opened so we cannot bridge our WETH to Ronin for now.

As far as I know it's just a speculation. Nothing is confirmed yet from the team nor any team member have directly said that. I also believe this though. Most of such activities are done by someone internally who have been in charge but play honest as long as they don't get identified.

Sounds a lot like Binance printed $150 million out of the blue. Don't they have their own FIAT printers now? (I mean BUSD) They won't find a better excuse than this to print more stable coins. Nobody audits these companies in the end. I don't think Binance would give $150m away just like this. Either it is funny money (stable coins which they can print) or there was no hack. It was all planned. Pick one.

This is a great move by Binance and it makes it even more comfortable to be involved with what projects Sky Mavis has. Being backed up by an exchange really shows that it has potential in it. I do hope they somehow recover what they lost because there are people affected by it and having inside job is even more sketchy. That's going to take a lot of work from the  team to rebuild the trust again.

I think we will see in the coming days what has become of it.

This is obviously a great news, but it is both not enough, but also the problem still stands. Obviously, it is quite important to get back the money and people want their money back and if you can handle that you can handle half of the problem and I am not arguing against that.

However, you have to realize that there was a hack there, which means there was a loss of trust as well, how would we know if axie won't be hacked all over again now? What if we start going back in and then someone hacks it again? There is really nothing that we can't do or say without considering if it will be hacked or not. They need to increase their trustworthiness all over again.

There is so much VC money being sloshed around in this ecosystem right now.

I'm not even sure what substance can come out of Axie. Sure, it is a P2E game but we've shown time and time again its mechanics are ponzi like and aren't going to last the test of time.

Eventually there will reach a point of saturation. I hope they put some of that money into actually developing the game mechanics rather than just putting it in marketing or whatever, otherwise their token will get absolutely pummeled in the bear market.

No wonder why the momentum hotness of this axie infinity became all of a sudden become so boring to play, because the price value of the SLP got so difficult to recover its price in my own observation only. But despite of what happened to their issues, still Binance exchange helped them to stand or recover at least. But of course, the damage remain in the mind of their community anyhow.

What bad timing for Axie Infinity, as we saw how huge the drop recently on Axie Infinity TVL was, especially on the sales and price of their utility tokens. And this tragedy happens.
For me now, the issue about if that was insider or non-insider, is the funds are already gone, it will be now up to the hacker if they will return it which is a very low chance.

Good take for Binance here, good support. As we all know there was an IEO (Initial Exchange Offering) before, on Binance where Axie started, IEO of Axie Infinity (AXS) was in Binance before so this is also one of the many reasons why Binance supported this.

What also made Binance's move very smart is they are also saving the Philippine crypto market which is also one of the largest communities in the cryptospace. Binance also is the only exchange that has a peer to peer platform for selling and buying SLP to fiat.

yes i just read the news on here https://rekt.news/ronin-rekt/ remain hacked coin still available here https://etherscan.io/address/0x098b716b8aaf21512996dc57eb0615e2383e2f96

but 624 Million is lot of money and sky mavis is also not small company, and i do believe is insider who know the code very well s

Everyone who wants to follow the news and follow the stolen funds should bookmark that Ethereum address and witness the hacker to send them to Tornado Cash for mixing within 2 weeks hehehe. I am quite certain that once those coins enter the Tornado Cash, they are next sent to Sushiswap, Uniswap or any Defi swapping platform. Those coins are gone.

I also heard that ronin team already open their katana network also still working about the hack https://twitter.com/Ronin_Network/status/1510995917234606084

but yes like u said hacker will eventually tornado cash it and then they using bridge network like wormhole to diversifed and then DEfi swapping platfrom

but 600+ million is crazy amount of money maybe will take sometime to laundry it all  ;D

Although I don't like CZ, with the humane action to rescue this project makes me feel that CZ is no longer obnoxious. Those who accompanied this project may have felt more comfortable that it continued to grow after the difficulties had passed.

This is once again a bit of outreach to centralization and that is a bit scary to me. Binance shouldn't be able to cover a bit of the money lost, that shows power move and that makes Binance look awesome and that is great for everyone involved, but what happens if they keep on covering these and getting things in return and they have parts in every project?

I do not think that they did this for absolutely nothing, they probably did this because they expected something in return and that is why I believe that we shouldn't really be focusing on them "helping" part but more like them "handling" these things, that is not a decentralized approach at all.