- As Binance recovers stolen AXS funds across 86 accounts, the Axie Infinity token is on track to recover from its slump.
- Binance announces the recovery of $5.8 million from the $625 million stolen by the North Korean Lazarus Hacker group.
- Analysts believe Axie Infinity’s price could recover from its swing low, breaking out of its downward trend.
Despite the recent drop of the value of Axie Infinity, more people are now holding the gaming token. Analysts have revealed a bullish outlook on Axie Infinity, predicting recovery from the downtrend.
Axie Infinity AXS could pump as a portion of stolen funds are recovered
An attack on the Ronin Bridge by the North Korean state-backed hackers, Lazarus Group, resulted in the theft of nearly $625 million. Multiple platforms have sought to recover the stolen funds and reinstate them. Binance, the largest cryptocurrency exchange in the world, has reported the successful recovery of $5.8 million spread over 86 accounts.
Chang Peng Zhao (CZ), the founder and CEO of Binance, revealed the news of fund recovery in a recent tweet.
The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.
— CZ Binance (@cz_binance) April 22, 2022
Bullish sentiment among AXS holders shows that recovering funds stolen from the bridge could boost investors’ confidence. As the price of Axie Infinity rises and the losses of the past few weeks are wiped out, the slump may be history.
The recent correction in Axie Infinity price did not deter holders from accumulating AXS. Crypto data platform Token Terminal observed a spike in the number of Axie Infinity holders despite the recent price drop.
Daily fully diluted market cap vs. token holders over the past year
Analysts have evaluated the Axie Infinity price trend and predicted recovery from the swing low. @CryptoTony_, a crypto analyst and trader, observed a drop in Axie Infinity price and considers it a healthy market correction. The analyst argues that the swing low is an opportunity for traders as long as Axie Infinity price recovers.
Currently on the swing low and so i am looking for an impulse up for us to look for a play. Swing lows provide the best RR opportunity, as long as we hold that level of course ❤️ pic.twitter.com/0zPi0Q5Fjw
— Crypto Tony (@CryptoTony__) April 17, 2022
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
