Binance Bails Out Crypto Network

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Binance Bails Out Crypto Network

Binance Bails Out Crypto Network

Following the hacking of the Ronin platform late last month and theft of funds worth $400 million, cryptocurrency and NFT giant Binance has injected cash to reimburse the customers.

A security flaw was exploited by cyber attackers on March 23 and the funds were stolen from accounts of customers having digital coins won by playing the Axie Infinity game.

The Ronin platform is owned by Sky Mavis, a game developer from Vietnam. Binance has invested heavily in it and the Axie Infinity to facilitate its customers to play and win digital coins.

Binance said the customers will be reimbursed from its cash reserves and simultaneously they are in touch with the law enforcement in an attempt to recover the stolen funds.

Axie Infinity is one of the most popular games equipped with millions of players from across the world. Axies are cartoon pets and players fight with them to win cryptocurrencies as well as collect NFTs of the game.

Playing games and winning coins are most popular in the Philippines as people consider it a potentially lucrative job and they play full-time. Axie Infinity has good fan strength in the country. The platform simultaneously allows the exchange of coins with Ethereum or other cryptocurrencies.

Binance was unable to notice the hacking activities initially for a couple of days. The hackers managed to transfer funds worth $540 million to themselves in six days. The value of coins increased during the period and the stolen fund has risen to $615 million.

The incidence is being considered as the second biggest in the crypto segment. The total series of mass crypto theft in 2021 was more than $2 billion.

About Axie Infinity

Axie Infinity is an online video game for Android, iOS, macOS and Windows devices that was released from the stable of Vietnam-based Sky Mavis studio in March 2018. It is highly popular across the world for its in-game economy feature. Players collect NFTs and it charges a fee of 4.25 percent for trading on the marketplace. Data for September 2021 reveals it has most players in the Philippines.

About Binance

Binance cryptocurrency exchange was founded in 2017 by Changpeng Zhao and Yi He. It is headquartered in the Cayman Islands, Seychelles, and serves across the world except for the United States. It is globally the largest exchange.

The United Kingdom watchdog, Financial Conduct Authority, ordered the company to stop further activities in the country last June. In the wake of the Russian invasion of Ukraine, it donated $10 million to Ukraine for humanitarian needs.

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