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Axie Infinity is not about to relinquish its leadership. Next Axie Infinity game promises to surpass its predecessor

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Axie Infinity gameplay

The NFT-based online game Axie Infinity, released in March 2018, has subsequently become a global sensation and a true success story in the crypto industry. The Axie Infinity game token became a full-fledged currency that is even traded on exchanges. 

By November 2021, the Axie Infinity token – AXS – had soared from a few cents to a record high of $164.90. At the time of Axie Infinity’s incredible popularity, tens of thousands of gamers were making a living just playing it.

However, in March 2022 all that changed – Axie Infinity and its users lost $620 million in a cyberattack orchestrated by a North Korean hacker group. This loss was a severe blow to the company, but surprisingly not fatal.

So far, the Axie Infinity (AXS) token has fallen 92.3 percent to $12 from its record high. But the game and its parent company Sky Mavis remain afloat and continue to struggle.

What’s the secret to Axie Infinity’s success

Larsen, better known as Psycheout, explained why Axie Infinity has been so popular. Community played a major role.

“The secret ingredient was not the Axie Infinity gameplay itself, but the community,” Larsen said. The two-token model, AXS and SLP, is one of the important innovations that has influenced the development of the entire game.

Next Axie Infinity game

Sky Mavis, the company behind Axie Infinity, is now developing its next game, called Axie Origins. The successor will be more advanced than Axie. As Larsen said, they should have been a little more careful about token inflation, but overall, Axie was a great project to gain experience.

Now the company has a good opportunity to become an industry leader again, primarily because of the loyal community of gamers that has built up over the years. Axie’s gaming community creates such a phenomenon as the “network effect,” an effect in economics in which the value of a good or service to one user depends on the number of other consumers of that good (service).

“The next Axie is the new Axie because we’re delivering games now that they’re in the ecosystem using the same assets,” he said. “It’s really going to be the future of Axie Infinity – more games and an ever-expanding ecosystem of different things for players.”

We previously reported that Robinhood’s head of compliance has left to work on Axie Infinity.

Cryptocurrency

Crypto Investors intend to have FTX arrested through protests

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founder of FTX

Members of the crypto community intend to have FTX founder Sam Bankman-Fried arrested. Crypto trader and youtuber Ben Armstrong addressed this initiative to the crypto industry.

“If Sam [Bankman-Friede] is not arrested by the end of December, I will gather a large group (probably over a hundred people) who lost money [amid the collapse of] FTX. We will go to the Bahamas and protest outside the government building, the Albany Resort [where Bankman-Fried supposedly has real estate] and other [Bankman-Fried] properties until he is arrested,” Ben Armstrong wrote on his microblog asking subscribers who would like to join the initiative to check in under the post.

FTX arrested?

Many members of the crypto community responded to the trader’s call. For example, the initiative was supported by popular youtuber Dusty BC Crypto. The irony is that earlier Ben Armstrong himself, as a crypto blogger with a million audience, advertised the FTX crypto exchange and its native FTT token.

Some of the subscribers noted that it was time to file regulatory complaints against the crypto blogger himself, as he was involved in attracting investors to FTX. All of these events increase volatility in the cryptocurrency market, so it makes sense for an investor to consider the AMD price chart today.

This isn’t the first time members of the cryptocurrency community have raised the issue that FTX’s creator should be in jail. Some online users speculate that Sam Bankman-Fried could literally buy his freedom. Recall, it was previously revealed that the entrepreneur donated large sums of money to political parties.

Earlier we reported that Binance bought Sakura Exchange BitCoin in Japan.

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Hackers stole cryptocurrency worth $3.37 billion since the beginning of the year

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how hackers steal cryptocurrency

In the 11 months since the beginning of the year, hackers stole $3.37 billion worth of cryptocurrency. According to PeckShield, cryptocurrency companies lost $1.3 billion to fraud in the fall alone.

Thus, in September there were 17 hacks, which resulted in losses of $171 million. Marketmaker Wintermute incurred losses of $160 million.

How do hackers steal cryptocurrency?

In October, hackers stole $760.2 million worth of cryptocurrency because of 44 hacking attacks. Then BNB Chain was hacked for $544 million, but the fraudsters could withdraw only $100 million of it – the other part of the funds were blocked by the developers. Then a hacker stole $1 million from the BitKeep cryptocurrency wallet by hacking it through a swap feature. Another hack came on Team Finance’s launchpad, which lost $14.5 million due to a smart contract migration feature bug.

There were 29 hacks in November that stole $391 million in various digital assets. Another $3 million was stolen from Skyward Finance based on the NEAR Protocol. An unknown hacker could “empty the reserves” of the project through a vulnerability in the smart contract. Note that due to global problems in the cryptocurrency market and the high cost of mining, even the NVIDIA price chart went down.

It was also reported that crypto exchange Coinsquare was hacked, but representatives of the company assured that customers’ assets “are safely stored in cold storage and are not at risk.”

Meanwhile, over the three months of the summer, cryptocurrencies suffered about $446 million in hacks. In June, the loss from 21 attacks was $227.76 million; in July, companies suffered losses from 12 hacks worth $10.2 million; and in August there were 18 attacks, which resulted in the loss of $208.5 million.

Earlier we reported that Terra Classic developers are launching an LUNC wallet.

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Largest bitcoin miners owe banks $4 billion

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largest bitcoin miners

Now the largest bitcoin miners can’t pay back loans and give creditors hundreds of thousands of devices as collateral. This is reported by Bloomberg.

After the collapse of FTX crypto exchange, many companies that provided loans to largest bitcoin miners, including New York Digital Investment Group (NYDIG), Celsius Network, BlockFi Inc, Galaxy Digital, and the Foundry (a division of Digital Currency Group) are facing problems due to non-payment of loans.

Loans backed by mining equipment have become one of the most popular financing tools in the industry. Now, however, mining companies are having trouble making payments because of the drop in the bitcoin exchange rate and don’t have the funds to pay back the loans. Lenders cannot seize any assets from them other than cryptocurrency mining devices, the value of which has fallen 85% since last November. Even the Tesla price chart has gone down from that drop.

“We continue to take a cautious approach to risk-based financing in the mining industry. For example, in the third quarter, Galaxy’s mining division closed three existing leases totaling about $8 million,” said Michael Wursthorn, a Galaxy spokesperson.

Lenders are already paying attention to the surplus of mining equipment received after the loans are paid off. They are having to sell the equipment at a big discount or find data centers to mine bitcoins on their own. This surplus means that lenders could face further losses, given how saturated the market for mining equipment already is.

In November, mining company Iris Energy said it would not repay the loan it took out against the equipment and would prefer to develop other business operations instead. It said its two units registered to buy the equipment secured against it were not generating enough cash flow to service the line of credit.

Earlier, we reported that support for OpenSea Binance’s smart chain had appeared.

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