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.
Topic: Binance saves Sky Mavis, the creator of Axie Infinity after hack (Read 220 times)
April 09, 2022, 01:14:42 AM
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.
April 08, 2022, 11:26:28 PM
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/1510995917234606084but 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
April 08, 2022, 11:13:52 PM
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
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.
April 07, 2022, 11:35:25 PM
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
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
April 07, 2022, 10:25:15 PM
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.
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.
April 07, 2022, 09:51:34 PM
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.
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.
April 07, 2022, 09:22:20 PM
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.
April 07, 2022, 08:22:45 PM
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.
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.
April 07, 2022, 04:30:31 PM
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.
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.
April 07, 2022, 12:19:32 PM
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.
I think we will see in the coming days what has become of it.
April 07, 2022, 10:04:57 AM
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.
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April 07, 2022, 10:01:50 AM
Also, there are rumors that the hack was an inside job by one of Axie's developers.
Have they identify this disgruntled developer?
April 07, 2022, 10:01:29 AM
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.
April 07, 2022, 09:42:46 AM
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.
April 07, 2022, 08:44:45 AM
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.
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.
April 07, 2022, 08:12:00 AM
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.
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. Also, there are rumors that the hack was an inside job by one of Axie's developers.
April 07, 2022, 07:07:01 AM
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.
April 07, 2022, 07:02:27 AM
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.
April 07, 2022, 05:34:48 AM
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?
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?
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