Axie Infinity tokens tumble after Ronin Hack

The popularity of Axie-Infinity Shards (AXS) and Smooth Love Potion (SLP) tokens has decreased rapidly after a hacker stole 173,600 ETH worth $622m.

The funds were taken from the Ronin Sidechain, which links the Axie game to the Ethereum network enabling fund transfers in and out.

Earlier this week Axie Infinity game developer Sky Mavis announced the hack. As of Wednesday morning, the play-to-earn crypto game has seen levels plummet with AXS down 7.3% and SLP down to 5.1%, according to CoinMarketCap.

In a recent Twitter thread, Axie Infinity co-founder and COO Aleksander Larsen explained his efforts in working with cyber security experts alongside the Sky Mavis board to eliminate any future threats to the Ronin network.

His tweet said: “1/4 @Ronin_Network  update. Been an intense 36 hours. Been working with the Sky Mavis board and key cybersecurity personnel to get a complete overview of the situation. Our internal network is currently going through a deep forensics review to ensure there is no lingering threat.”

He continued to explain that the attack was “a social engineering attack combined with human error from December 2021.

“Sky Mavis tech is solid and we will be adding several new validators to the Ronin Network shortly to further decentralize the network.”

As reported by Mavis, the attacker was able to make fraudulent transactions last week by hacking “private keys” Something the company has been heavily criticized for in not identifying the hacker sooner.

It has been announced that Larsen has said all stolen funds will be reimbursed.

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Updated: 03/31/2022 — 14:00