Axie Infinity is one of the biggest names in the play to earn crypto gaming industry. The Sky Mavis created NFT Metaverse became the victim of a $620 million heist, which later came to be known as the Ronin Bridge hack. Hackers stole roughly 17,600 Ether and 25.5 million USDC tokens. As reported by Bloomberg, once the bridge reopens on Tuesday, users will be able to withdraw one ETH for each one they possessed before the attack. Sky Mavis closed $150 million in fresh capital led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm and Accel were among the investors during the funding round.
Ronin Crossed $4 B in NFT Sales, Close Second to Ethereum Blockchain, Beating Solana, Polygon & WAX
The hacker moved the stolen assets around soon after the breach, using TornadoCash to conceal their activities. This is a significant issue for the decentralized finance (DeFi) industry, which has suffered more than $1.22 billion in losses thus far this year. The Ronin hack was one of the most notable events in recent memory, causing tremors throughout the cryptocurrency industry. Despite this, the Ronin blockchain was not deterred in its mission to achieve significant milestones.
In early June, the blockchain surpassed $4 billion in all-time nonfungible token (NFT) sales volumes, and it remains popular as a digital collectible network. In terms of all-time NFT sales volumes, it is second only to Ethereum. It beats Solana (SOL), Flow (FLOW), Polygon (MATIC) and WAX (WAXP), among many others. Hacks, rug-pulls and protocol flaws are all common within the cryptocurrency industry. It appears like not a single day goes by without news of another hacking. On Friday, Cointelegraph reported that the Horizon Bridge to the Harmony layer-1 blockchain had been exploited for $100 million in altcoins being swapped for Ether. According to Immunefi, cybercrime losses reached $10.2 billion in 2021.
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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.
