Despite largest hack in the industry, Axie Infinity is rallying up
The recently hacked Axie Infinity token, AXS, is up 15% in the past 24 hours, as a chart from TradingView suggests, despite the recent hack putting the entire GameFi project at risk.
Bullish price action
According to the daily chart, the price of Axie Infinity-related token AXS rallied by 15% in the last 24 hours, once again breaking through a 200-day average resistance. Unfortunately, it swiftly retraced back under the resistance, showing that there is not enough buying power and volume on the market.
Right after the project announced that it had fallen victim to hackers, the price of the token tumbled 9.7%, which is a considerably subdued market reaction for the biggest GameFi-related hack in history. of the industry and one of the biggest hacks. in the DeFi space in general.
Previously, the asset’s price was trading with average 6% daily volatility, which has not changed after the hack, showing that the price drop was purely technical and investors cared little about the $625 million stolen.
$625 Million Ronin Bridge Security Breach
The Ethereum-linked sidechain developed by developer Axie previously confirmed the breach, which resulted in a massive loss of $625 million. It’s not yet clear how the hacker obtained private keys and drained validating nodes, but the hacker easily beat the biggest hack in DeFi history—the $611 million Poly Network hack.
Later on, the COO of Sky Mavis, which is the company behind the biggest GameFi project in the space, stated that they will reimburse its players’ funds that have been lost in the hack.
The stolen funds were easily “washed” through decentralized exchanges and removed without any issues despite some exchanges and major cryptocurrency trading platforms restricting trading for wallets that had funds linked to the Ronin Bridge.
