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AXS Crypto Aims for Price Recovery With ‘Axie Infinity: Origins’ Launch

Axie Infinity (AXS-USD) had one of the top news stories of last week — appearing across the largest of media outlets — but for all the wrong reasons. The AXS crypto suffered as Axie Infinity’s underlying network fell victim to a massive hack. Developers are not letting the bad news keep the project down, though; a new game launch is hoping to restore AXS back to its former glory.

The logo for Axie Infinity (AXS) is displayed on a cellphone screen.
Source: TongRoRo / Shutterstock.com

Crypto investors have been unable to escape the recent Ronin Network (RON-USD) hack news. The scope of the hack is jaw-dropping; a bad actor was able to rob Ronin of over $600 million in assets. This makes the crime one of the largest in the history of crypto. The perpetrator was able to take control of several private keys belonging to Sky Mavis. Using these, they were able to siphon nearly 200,000 Ethereum (ETH-USD) and millions of dollars worth of USD Coin (USDC-USD).

The hack doesn’t seem to directly affect Axie, but the two networks are very closely linked. Both founded by development studio Sky Mavis, the Ronin chain was built specifically to underlie Axie Infinity and other games planned by the studio. In essence, these stolen funds were supporting the Axie Infinity network. In the wake of the news, AXS prices have fallen by nearly 30%.

Developers Aim for AXS Rebound With New Game Launch

Since news first broke regarding the hack, Axie Infinity developers have been making moves to recover the price of the AXS crypto. A pair of stories are helping to do just that, including today’s news of a major new game launch.

Earlier this week, Sky Mavis hosted a fundraise in which it brought in $150 million. Much of the funding was lead by exchange platform Binance. According to Sky Mavis, the money will be used to compensate users who lost funds as a result of the Ronin hack. The developer also says that the Ronin chain is in the midst of a rigorous crypto audit, which will help it to beef up security measures.

Today’s news comes in the form of a long-awaited announcement. Indeed, developers are launching the early access version of the new Axie Infinity: Origins game.

Just before the hack, the AXS crypto was in the midst of a sizable boom. This boom came as developers signaled that Origins would be launching in the near future. The Origins game seeks to fix many of the downfalls of the original Axie Infinity game. For example, new users will get a starter pack of Axie non-fungible tokens (NFTs). This alleviates a great deal of stress on players. These NFTs are a requirement to play the game. But, the rise in popularity has driven prices sky high, barring many new players.

The game is only in its early access period, and developers say more updates will be coming to the project in the next few weeks. While prices continue to trend down, Origins promises to change the game for AXS.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.


Article printed from InvestorPlace Media, https://investorplace.com/2022/04/axs-crypto-aims-for-price-recovery-with-axie-infinity-origins-launch/.

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