Binance saves Sky Mavis, the creator of Axie Infinity after hack

[cheezcarls]

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.

[1714609596]

1714609596

[1714609596]

1714609596

[1714609596]

1714609596

[1714609596]

1714609596

[1714609596]

1714609596

[Little Mouse]

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

Have they identify this disgruntled developer?

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.

[mindrust]

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.

[crwth]

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.

[el kaka22]

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.

[magneto]

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.

[martina14]

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.

[GreatArkansas]

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.

[bbc.reporter]

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.

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.

[dansus021]

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

[bbc.reporter]

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.

[dansus021]

Everyone who wants to follow the news and follow the stolen funds should bookmark that Eth 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 

[FairUser]

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.

[wiss19]

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.