$622 Million Hack Plummets Axie Infinity (AXS) And Ronin (RON) Token Prices

CoingapePublicado em 2022-03-30Última atualização em 2022-03-30

Resumo

AXS price lost as much as 13% since the news of the hack on Tuesday.

Axie Infinity (AXS), the native token of the eponymous videogame, reversed most of its recent rally after hackers stole more than $600 million from the Ronin Network blockchain that runs the game. RON, the native token on the blockchain, also slumped in value.
AXS price lost as much as 13% since the news of the hack on Tuesday, trading at $62. RON plummeted a whopping 35% to $1.69. The news comes just days ahead of a widely anticipated update to Axie Infinity, called Origins.
Ronin is run by the developer of Axie Infinity- Sky Mavis. The hack comes as a major blow to the Vietnamese developer, who had earlier this month outlined an elaborate plan to increase community governance in AXS. It was currently unclear if the hack had affected these plans.
AXS reverses recent rally
Prior to the hack, AXS was among the best performing cryptocurrencies in March, up as much as 35%. A mix of optimism over the Origins update, AXS’ plans for decentralization, and increasing interest in blockchain games had supported the token in recent weeks.
But today’s losses have negated a bulk of those gains, with the token likely set to extend losses in the coming days as more details over the hack are uncovered. The losses also cost AXS its spot as the second-largest gaming token by market capital, with Sandbox (SAND) taking the spot.
Broader gaming tokens also appeared to falling in the wake of the hack. Decentraland (MANA), the largest gaming token by market capital, lost 3%, while SAND shed 2.8%.
Still, Sky Mavis has received several calls of support from the crypto community. Launched in 2018, Axie Infinity is one the most popular blockchain games made. The game revolves around minting virtual creatures as NFTs, and using them to battle other players.
Hack among the largest DeFi heists to date
The hack, which reportedly took place over the span of a week, targeted an exchange contract on Ronin, and drained it of its liquidity- stealing about $622 million worth of Ethereum and USDcoin in the process.
The last DeFi hack of such magnitude happened in 2021, on the Poly Network. $600 million worth of tokens were stolen, although in a surprising twist, the hacker returned nearly all of the proliferated funds.

Leituras Relacionadas

Didier Zheng Answers: Will MicroStrategy Enter a Death Spiral? How Will the Macro Trend Unfold in the Second Half of the Year?

In the latest WuShuo Uncensored podcast, investor Didier Zheng analyzes recent market trends. He argues that Bitcoin's recent decline is primarily driven by market anticipation of MicroStrategy potentially selling small amounts of Bitcoin regularly to cover cash flow for its growing priority shares and debt, rather than macro factors or ETF outflows alone. This creates a new dynamic of expected continuous selling pressure. Didier views Token as the new form of labor in the AI era, replacing human roles in execution and driving the ongoing rally in U.S. stocks within the AI supply chain (semiconductors, data centers). This shift is seen as a long-term structural change, boosting corporate profitability. He notes that crypto exchanges are naturally expanding into U.S. stocks and real-world assets due to the scarcity of valuable native crypto assets beyond Bitcoin and major protocols. For traders, the transition may not require a drastic change in strategy, as similar speculative and fundamental assets exist in both markets. The analyst believes the native crypto altcoin rally is likely over, severely damaged by the liquidity destruction from the "1011" crash event. Liquidity has migrated to deeper markets like U.S. equities. For the macro outlook, Didier expresses increased caution for H2 2024 due to potential market pressure from mega-IPOs (e.g., SpaceX) and the U.S. midterm elections. A Democratic sweep could bring stricter regulation for Web3 and AI. Long-term, he remains optimistic about the convergence of AI and blockchain, enabling a more automated, machine-driven economy, but expects a shift towards a more mature, institutional phase for the crypto industry.

marsbitHá 14m

Didier Zheng Answers: Will MicroStrategy Enter a Death Spiral? How Will the Macro Trend Unfold in the Second Half of the Year?

marsbitHá 14m

Bitcoin's Historically Rare Pattern: When August Rises, September Always Pulls Back, Followed by an Average 44% Surge in October

Historical Seasonal Pattern for Bitcoin Resurfaces: Strong August (Up 25% YTD) Points to Potential September Dip, Followed by October Rally Bitcoin is on track for its strongest August performance since 2017, with gains of approximately 25% for the month as of late August, trading between $78K-$79K. This has revived discussion of a historical seasonal pattern observed since 2013. Data shows that in the four previous years where Bitcoin posted a positive return in August (2013, 2017, 2020, 2021), the following September consistently closed in negative territory, with an average decline of about -5.9%. Notably, a positive September has never followed a positive August in Bitcoin's history. However, the pattern shows a potential silver lining. Following each instance of a "Green August" followed by a "Red September," the subsequent month of October has historically seen significant rallies. The average gain for October after such a sequence is approximately +44%. While this pattern highlights a recurring seasonal trend, analysts caution that it is based on a limited sample size of only four occurrences. Each period had distinct macroeconomic and market conditions. Therefore, past performance is not a reliable indicator of future results, and whether 2026 will follow this sequence remains to be seen as September trading begins.

marsbitHá 14m

Bitcoin's Historically Rare Pattern: When August Rises, September Always Pulls Back, Followed by an Average 44% Surge in October

marsbitHá 14m

Strive CEO: US Bond Market Approaching a Critical Point, Bitcoin's "Home Run Moment" Taking Shape

The CEO of Strive argues that the U.S. Treasury market is approaching a critical juncture, setting the stage for a major opportunity in Bitcoin. He highlights that unsustainable U.S. fiscal deficits and expanding entitlement programs are creating fundamental pressure for higher long-term bond yields. However, the political system is unwilling to enact necessary fiscal discipline. Consequently, as the 10-year Treasury yield enters a key resistance zone of 5.25%–5.85%, the narrative will shift to a potential bond market crisis. This will force policymakers (the Treasury or Federal Reserve) to intervene aggressively to suppress yields through tools like large-scale bond buybacks or balance sheet expansion. Since the underlying fiscal imbalance remains unresolved, the adjustment pressure will be transferred to the U.S. dollar, making it the "pressure release valve" of the system. A trend decline in the dollar, potentially to multi-decade lows, would create a historically unique macro environment for Bitcoin. Bitcoin stands to benefit as a scarce, non-sovereign monetary asset, especially as AI erodes the scarcity of traditional corporate moats. The author concludes that if bond market stress causes a Bitcoin dip, it would be a major buying opportunity; if not, having exposure is still crucial. The overall expectation is that the market is still underestimating Bitcoin's long-term upside potential in this unfolding macro shift.

marsbitHá 23m

Strive CEO: US Bond Market Approaching a Critical Point, Bitcoin's "Home Run Moment" Taking Shape

marsbitHá 23m

No Spot Price, How to Trade Anthropic? Entropy Wants to Use Order Books to Price Private Assets

**Summary:** Entropy, operating as a HIP-3 deployer on Hyperliquid, is introducing perpetual contracts for private pre-IPO companies—starting with Anthropic—where no continuous public market price exists. To address this, Entropy employs a novel "liquidity-weighted oracle" that blends its own order book's mid-price (based on a 5-minute EMA) with aggregated external private market data. The oracle’s reliance on internal market prices scales with the "executable depth" within a 200bps range: when order book liquidity is deep and credible, Entropy’s market can command up to 95% weight in pricing; when liquidity thins, the oracle falls back on stale private data. This design aims to prevent manipulation via spoofing and allows the market to generate a continuous consensus price for illiquid assets. If Anthropic remains private at expiry, the ANTH contract will settle based on a 30-day TWAP of its own mark price—essentially settling on the market’s own derived valuation rather than a fundamental or IPO price. Entropy’s bet is that sufficient, credible liquidity can enable real-time price discovery for private assets, closing the gap between infrequent private funding rounds and public market dynamics.

marsbitHá 24m

No Spot Price, How to Trade Anthropic? Entropy Wants to Use Order Books to Price Private Assets

marsbitHá 24m

JPMorgan Research Report Analysis: NVIDIA's October Outlook Bullish at $107 Billion, H200 Shipments to China a Variable

JP Morgan's preview report for Nvidia's Q2 FY2027 reiterates an Overweight rating and a $280 price target. While the upcoming quarterly results are expected to beat consensus again, with Q3 guidance potentially reaching $107-108 billion (vs. $104.5B consensus), the bank notes this alone may not drive the stock higher. Historical data shows shares have typically fallen after strong guidance beats. The market now focuses on four key issues: 1) **China H200 shipments**, which have seen preliminary signs and could provide a significant revenue uplift (~$3B per 100k units). 2) **HBM supply constraints**, as evidenced by scaled-back memory configurations for the upcoming Rubin platform. 3) **Competition from AI ASICs/XPUs**, where Nvidia can highlight its platform flexibility and the ~90% per-token cost reduction expected from Vera Rubin vs. Blackwell Ultra. 4) The sustainability of **AI infrastructure investment**. JP Morgan argues Nvidia's valuation is at historically low levels (approx. 17x CY2027 consensus EPS), providing a buffer. The stock's performance hinges on management's ability to address these structural concerns, not just on surpassing numerical forecasts.

marsbitHá 1h

JPMorgan Research Report Analysis: NVIDIA's October Outlook Bullish at $107 Billion, H200 Shipments to China a Variable

marsbitHá 1h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow