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Axie Infinity (AXS) Set For Potential Breakout, Predicts Crypto Analyst

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Crypto expert Ali Martinez has pointed out a massive bullish signal for Axie Infinity, which suggests a possible increase in Axie Infinity’s price. In a recent post on X, Martinez pointed out that AXS is presently carving out an inverse head-and-shoulders pattern on its weekly chart.

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Normally interpreted as a bullish reversal signal, this technical formation may indicate that AXS could be preparing for a significant upswing. Martinez also observes that the cryptocurrency will rise and touch the neckline at $13. If it is to break this level, AXS could possibly reach a price of $22.

Key Technical Signal In AXS Chart

The head-and-shoulders pattern is a well-known signal among traders and analysts, including the inverse head-and-shoulders pattern. It generally indicates a swing in the trend from negative to positive for Martinez’s observation is of particular importance for anyone observing Axie Infinity.

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Martinez’s take on the situation has garnered a lot of attention in the crypto space as Axie Infinity remains a popular topic among investors and gamers alike. One of the key trends in the Axie Infinity game is the play-to-earn approach which has made a noteworthy contribution to the company’s popularity and its stocks’ performance.

According to this forecast given by Martinez, AXS traders and investors might want to keep an eye on the crypto’s price changes in the following weeks. The course towards the $13 neckline will be significant to watch, as it will decide whether AXS will go through the expected breakout towards $22.

Such a price movement is a clear indication of the need to undertake technical analysis in determining the market direction and therefore trading directions. In the following months, as AXS approaches this key technical level, Martinez’s opinion is quite informative for those who are interested in the changes in the cryptocurrency market.

A bullish phase may be looming in Axie Infinity’s chart as it develops the inverse head-and-shoulder pattern. Of course, the investors and traders will also focus on AXS in order to see whether the cryptocurrency will reach the expected high and breakthrough in the near future.

Santiment Unveils Short Positions In AXS and BCH, Signaling Potential Opportunities

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In a recent development, the on-chain analytic platform Santiment shed light on the prevailing short positions in two prominent cryptocurrencies, Axie Infinity (AXS) and Bitcoin Cash (BCH). Unveiling an unusual scenario where short interest surpassed long positions, Santiment speculated that the negative sentiment surrounding these digital assets might be a precursor to a market rebound.

Despite a generally optimistic outlook for recovery in many altcoins, AXS and BCH emerged as exceptions to the trend, facing skepticism from traders. Contrary to conventional wisdom, such bearish sentiments can sometimes catalyze a cryptocurrency’s upward trajectory, especially if a surge in buying pressure occurs when the long/short ratio is exceptionally low.

AXS Resilience

AXS displayed resilience by bouncing off the $7.95 mark and trading at $8.11. This upward movement marked a modest 1.61% gain over the last 24 hours. Analyzing the 4-hour chart, AXS revealed the formation of an asymmetric triangle between December 25 and January 10. While this pattern initially triggered a breakout with the price reaching $8.72, subsequent rejection brought AXS back to $7.65, now identified as a key support level for potential upward momentum.

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Source: TradingView

The MACD indicator was cautious, with red histogram bars indicating increased selling pressure. However, the bearish convergence could be mitigated if bulls overpower the prevailing negative momentum. A positive position above $8 might pave the way for AXS to breach the resistance at $8.72, with a possible trajectory toward $10 in the upcoming week. Conversely, if bears persist, a breakdown below $7.65 could lead to a 5% correction.

BCH Journey: Peaks, Pullbacks, And The Road To $275

On the BCH front, the cryptocurrency reached a zenith at $298.40 on January 12, only to experience profit-taking that temporarily pulled the price down to $252 before a subsequent recovery to $256.19. Indicators from the Relative Strength Index (RSI) hinted at a positive divergence, suggesting a potential resurgence in price action.

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Source: TradingView

A breakthrough with the RSI reading surpassing 50.00 could initially propel BCH towards $275, contingent on an escalation in buying pressure. This prospective movement was corroborated by the Money Flow Index (MFI), which is currently at 48.17. 

While an MFI above 80 typically indicates overbought conditions, the current reading for BCH suggests that the asset has successfully avoided venturing into oversold territories. Should the MFI sustain its upward trajectory, this trend may serve as an indicator of anticipating a potential price increase for Bitcoin Cash in the near future.

3 Undervalued Cryptocurrencies – Axie Infinity, Decentraland, Tradecurve

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The metaverse token market capitalization now sits at $11.6B, up 1% overnight, as buyers gravitate towards Axie Infinity (AXS) and Decentraland (MANA). While many investors focus on well-established cryptocurrencies, there are hidden gems that offer excellent growth potential. One such project is Tradecurve – a rising presale star already surged by 150%.

>>Register For The Tradecurve Presale<<

Summary

  • Axie Infinity price prediction 
  • Decentraland announces new Metaverse Art Week 
  • Tradecurve attracts over 14,000 users

What Is Axie Infinity (AXS)? 

Axie Infinity (AXS) has gained considerable popularity in the cryptocurrency space, particularly within the emerging sector of play-to-earn gaming. Built on the Ethereum blockchain, Axie Infinity enables users to collect, breed, and battle unique digital creatures called Axies. Players can earn in-game rewards and trade their Axies in a vibrant marketplace.

Despite its rising popularity, the Axie Infinity coin remains undervalued compared to its potential. The game’s success, growing user base, and expanding ecosystem of developers and players have positioned AXS as a cryptocurrency with significant upside potential. The Axie Infinity price has increased by 8.3% in the last week alone.

Currently, Axie Infinity has a value of $6.32 with a market cap of $756M, up 0.14% overnight. As the play-to-earn trend continues to gain momentum, AXS can potentially deliver substantial returns on investment. Therefore, analysts claim that Axie Infinity could rise to $8.41 by December 2023. 

How High Can Decentraland (MANA) Go? 

Decentraland (MANA) is a virtual reality platform that allows gamers to buy, sell, and explore virtual lands. MANA is the native token of Decentraland and serves as a medium of exchange within the platform.

With the metaverse concept gaining widespread attention, Decentraland presents an undervalued opportunity. In recent Decentraland news, the Metaverse Art Week will occur in Decentraland from July 19 to 23. As a result, the Decentraland price soared as it now trades hands at $0.4089.

As more individuals and businesses recognize the potential of virtual worlds and their applications, the demand for MANA could experience a significant surge. Because of this, analysts forecast a jump to $0.54 within Q4 of 2023. 

>>Register For The Tradecurve Presale<<

Tradecurve (TCRV): Bridging Derivatives and Cryptocurrency

Tradecurve (TCRV) is an innovative hybrid decentralized exchange (DEX) that combines the world of traditional finance with decentralized finance. It offers the ability to trade all derivatives on one account. And given the fact just one of these markets – the bonds market soared to $126.9T in 2022 – its growth potential is incredible.

As an emerging player in the DeFi space, Tradecurve is undervalued relative to its potential. Firstly, its hybrid infrastructure model combines the best aspects of centralized and decentralized exchanges. To clarify, users will be privy to low latency, fast order execution, self-custody, and anonymity. 

Furthermore, Tradecurve has removed all sign-up KYC checks. Users can open a Tradecurve account using just a working email. Afterward, anyone can connect a crypto wallet to it and utilize their cryptocurrency assets as collateral. Moreover, features such as copy trading and high-leverage options have attracted over 16,000 users to this hybrid exchange. 

Tradecurve is currently selling TCRV, its native token, for just $0.025 — an increase of 150% over the token’s initial $0.01 price. Many experts foresee a 50x jump before its presale ends.

For more information about the Tradecurve (TCRV) presale:

Website: https://tradecurve.io/ 

Buy presale: https://app.tradecurve.io/sign-up 

Twitter: https://twitter.com/Tradecurveapp 

Telegram: https://t.me/tradecurve_official 

Axie Infinity (AXS) and Ripple (XRP) Surge; Orbeon Protocol (ORBN) Pumps 1988%

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All eyes are on three major players: Axie Infinity (AXS), Ripple (XRP) and Orbeon Protocol (ORBN). While Axie Infinity (AXS) and Ripple (XRP) have been making waves for a while now, it’s Orbeon Protocol (ORBN) that has really caught the attention of savvy investors. Orbeon Protocol (ORBN) is a revolutionary decentralized venture capital and crowdsourcing investment platform that leverages blockchain technology using equity-backed NFTs. 

The eighth presale round of ORBN has just concluded, and the results have been nothing short of staggering. Already, the price of Orbeon Protocol (ORBN) has risen by more than 1988% to $0.0835, leaving investors and industry experts alike wondering: what’s next for this exciting new platform?

>>BUY ORBEON TOKENS HERE<<

Axie Infinity (AXS)

Axie Infinity (AXS) is a blockchain-based game platform where users may acquire, nurture and combat imaginary creatures known as “Axies.” These Axies are one-of-a-kind non-fungible tokens (NFTs). Axie Infinity (AXS) makes use of Ethereum (ETH) blockchain technology to process transactions and enforce game rules.

The Axie Infinity (AXS) game environment made P2E gaming a reality. Moreover, some individuals earned so much money on Axie Infinity (AXS) that nations like the Philippines enacted tax laws particularly to limit it.

Axie Infinity (AXS) provides a one-of-a-kind gaming experience by combining blockchain technology and cryptocurrencies with conventional game dynamics. To date, in 2023, Axie Infinity (AXS) pumped more than 65%.

>>BUY ORBEON TOKENS HERE<<

Ripple (XRP)

Ripple (XRP) is the native money of XRP Ledger, an open-source, public blockchain meant to promote quicker, less expensive transactions. Ripple (XRP) threatens established payment methods by providing real-time, low-cost international transactions.

Ripple (XRP) is now priced at $0.3779, representing a movement of 1.69% over the previous 24 hours. Ripple (XRP), with a current market valuation of $38 billion, has seen a small surge of 11.4% so far this year.

Despite swings in its price, Ripple (XRP) continues to be a popular cryptocurrency because of its capacity to permit quicker and cheaper cross-border payments through its decentralized XRP Ledger, making Ripple (XRP) a leader in the area. Several financial institutions and payment processors have used the technology of Ripple (XRP) to improve their operations.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) is a one-of-a-kind decentralized venture capital and crowdfunding platform that uses blockchain technology to provide the opportunity for everybody to back some of the world’s most promising startups. 

Orbeon Protocol (ORBN) intends to revolutionize the venture capital industry through the use of fractionalized NFTs. As a result the Orbeon Protocol (ORBN) platform will significantly reduce the cost and difficulty of sourcing funding for new businesses.

For the everyday investor fractionalized NFTs means that the traditional barriers to investing in startups is torn down and the everyday person now get access to the same opportunities that were previously only reserved for the elite.

Investor protection is a top objective for Orbeon Protocol (ORBN). The innovative “Fill or Kill” mechanism is written into the smart contract, which refunds investors if a business on the platform falls short of their fundraising goal.

Phase eight of the presale round of Orbeon Protocol (ORBN) has just concluded. Already, the price of (ORBN) has risen by more than 1988% to $0.0835. At the beginning of the presale, experts projected that Orbeon Protocol (ORBN) price would rise around 6000% and reach $0.24.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Hot Cryptos Of 2023: Shiba Inu (SHIB), Axie Infinity (AXS) and Orbeon Protocol (ORBN) Top The List

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It’s 2023, and the crypto market is heating up with exciting new options for investors. If you’re looking to jump on board, Shiba Inu (SHIB), Axie Infinity (AXS) and Orbeon Protocol (ORBN) are three hot cryptos that should be on your radar. 

Currently, the Orbeon Protocol (ORBN) approach to crowdfunding is making waves. With Orbeon Protocol (ORBN), investors who previously couldn’t participate in traditional, venture-based crowdfunding can now get involved for as little as $1. 

By allowing users to purchase equity-backed NFTs, Orbeon Protocol (ORBN) opens up a new world of possibilities. And with a presale price of $0.004 that’s since risen by an impressive 1987%, Orbeon Protocol (ORBN) token is definitely one to watch.

>>BUY ORBEON TOKENS HERE<<

Shiba Inu (SHIB)

Shiba Inu (SHIB) has followed in the footsteps of Dogecoin (DOGE) to become the market’s second-largest meme coin. Shiba Inu (SHIB) competes with the popularity of Dogecoin (DOGE), with a market valuation approaching $7 billion.

Shiba Inu (SHIB) has dubbed itself the “Dogecoin Killer,” and has garnered recognition and value due to the endearing characteristics Shiba Inu (SHIB) has combined with attention-grabbing tweets from Elon Musk.

Shiba Inu (SHIB) is an open-source cryptocurrency built on the Ethereum (ETH) network, allowing token holders to trade cryptocurrencies cheaply. Shiba Inu (SHIB) also offers a metaverse where users can communicate with other Shiba Inu (SHIB) holders. 

>>BUY ORBEON TOKENS HERE<<

Axie Infinity (AXS)

Axie Infinity (AXS) aspires to build an ecosystem of excellent Axie Infinity (AXS) game experiences that player and community-owned economies support. Property rights will be granted to all internet users, beginning with gamers. A team of Vietnamese engineers created the Axie Infinity (AXS) project in 2017.

Axie Infinity (AXS) revolves around its game platform, which allows users to gather, combat and construct imaginary creatures known as Axies. Axie Infinity (AXS) has recently experienced rapid growth as the Axie Infinity (AXS) team continues to build new features like land play and upgradable Axies.

The benefits of Axie Infinity (AXS) extend beyond national borders and the banking industry. Axie Infinity (AXS), which was designed to help people overcome financial challenges, intends to do the same for others.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

The Orbeon Protocol (ORBN) approach to crowdfunding allows investors who previously could not participate in more traditional, venture-based crowdfunding to do so.

Orbeon Protocol (ORBN) allows users to purchase equity tokens for as little as $1. Orbeon Protocol (ORBN) enables businesses to raise funding without going through the time-consuming and costly traditional fundraising process.

Orbeon Protocol (ORBN) will harness the power of blockchain technology to protect investors from the typical risks of crowdsourcing. If a firm fails to meet its fundraising target, the “Fill or Kill” function built into each NFT’s smart contracts will automatically reimburse all investments. 

The ORBN token, which will power the huge Orbeon Protocol (ORBN) ecosystem, began with a presale price of $0.004 but has subsequently risen by 1987% to be valued at just $0.0835. Experts predict that Orbeon Protocol (ORBN) will increase by 6000% in the next months. 

Holders of Orbeon Protocol (ORBN) can also stake tokens to receive staking incentives, governance rights, early access to new possibilities and other benefits.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Axie Infinity (AXS) and Hex Coin (HEX) Prices Struggle, Orbeon Protocol (ORBN) Raises $500k During Presale

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The cryptocurrency market has seen volatile prices in recent weeks, with some digital assets struggling while others continue to perform well. Orbeon (ORBN), a new entrant to the market, has managed to raise $500,000 during phase 1 of its presale period, despite the current market conditions.

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) has flipped the venture capital industry on its head. With Orbeon Protocol (ORBN), anyone can be an investor in early-stage startups, with a minimum investment of just $1.

Orbeon Protocol (ORBN) is able to do this by fractionalizing NFTs representing equity in a startup and making it available for purchase by everyone through the Orbeon Protocol (ORBN) platform. 

Orbeon Protocol (ORBN) streamlines the fundraising process for startups by removing the need to pitch to venture capitalists. This way, startup companies can focus on building their product and engage with their community from day one.

In fact, the use of smart contracts on the Ethereum blockchain automates the whole process – For example, there’s a ‘Fill or Kill’ feature that automatically executes refunds if the minimum amount of funds is not raised within a specified period of time.

The Orbeon Protocol ecosystem also features a native utility token, ORBN. ORBN holders are rewarded with governance rights, staking opportunities, first access to new start-ups, discounts on service fees, and more.

Presale for Orbeon (ORBN) is currently in phase 1, with 163,985,298 ORBN tokens sold so far (equivalent to $655,941). Some price predictions place ORBN around the thresholds of 60x growth with this level of support from investors. With stage 1 nearly sold out, it’s clear that there’s a lot of interest in what Orbeon (ORBN) is offering!

Axie Infinity (AXS)

Axie Infinity (AXS) is a P2E (play-to-earn) game that allows users to collect, breed, and battle creatures called Axies. Axie Infinity is played on the Ethereum blockchain and uses non-fungible tokens (NFTs) to represent the creatures.

The goal of Axie Infinity (AXS) is to breed and train your Axies so that they are strong enough to battle other players’ Axies. As a P2E game, Axie Infinity (AXS) allows users to earn rewards in the form of cryptocurrency for playing the game.

Axie Infinity (AXS) built a huge base of players in the Philippines, and the game has been gaining popularity in other parts of Asia as well. However, rewards for playing Axie Infinity have dropped over time, and it no longer became viable for some players to keep playing.

With that, the price of Axie Infinity Shards (AXS) has fallen sharply since the November 2021 high of $165.37. Axie Infinity (AXS) need to work on increasing the rewards for playing the game if they want to attract more users and grow the community further.

Hex Coin (HEX)

Founded by Richard Heart, Hex Coin (HEX) is a decentralized application (DApp) built on the Ethereum blockchain that allows users to earn interest on their deposits. Hex Coin (HEX) claims to be the first Certificate of Deposit (CD) on the blockchain.

Hex Coin (HEX) pays users interest in the form of HEX tokens, and the interest rate is determined by how well the user applies the rules. The longer the user locks up their Hexcoin (HEX) tokens, the higher the interest rate they will earn. Staking Hex Coin pays an average of 38% per year, according to the Hex Coin (HEX) website.

However, many people are calling Hex Coin (HEX) a pyramid scheme, and the project has been accused of being a scam. At the time of writing, Hex Coin (HEX) is down 94.04% compared to this last year.

 Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol 

Axie Infinity and Revolutux: Two Metaverse Compatible Projects With Well Developed NFT Marketplaces 

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The metaverse is one of the countless opportunities for crypto enthusiasts to make money while doing what they love. Axie Infinity (AXS) and Revolutux (RVLT) are metaverse compatible cryptocurrencies. 

Although Axie Infinity (AXS) and Revolutux (RVLT) have different features, they provide a platform for users to interact with the metaverse and earn massive rewards.

Axie Infinity (AXS) is a virtual gaming platform on which users can earn tokens and NFTs while playing the game. Revolutux (RVLT) allows its users to create and trade Non-fungible tokens. These are enriching opportunities that crypto enthusiasts can utilize to make money. 

Screenshot 20220904 184545 01
Axie Infinity and Revolutux: Two Metaverse Compatible Projects With Well Developed NFT Marketplaces  7

Shiba Inu (SHIB) is another crypto project that holds out high rewards for its users. Unlike Axie Infinity (AXS) and Revolutux (RVLT), it is a memecoin with unique features. This article will highlight the features of the Revolutux (RVLT) cryptocurrency while comparing it with Axie Infinity (AXS) and Shiba Inu (SHIB).

Features of the Revolutux (RVLT) 

Revolutux (RVLT) aims to develop a user-friendly, fast, and cheap platform for blockchain-based transactions. It utilizes the Binance Smart Chain network and its underlying infrastructure to accomplish this feature.

Revolutux (RVLT) is keen on transparency, decentralization, and long-term viability. The Revolutux (RVLT) ecosystem issues its community-managed deflationary cryptocurrency to guarantee this functionality.

The Revolutux (RVLT) native cryptocurrency “RVLT” has a total supply of 50 billion tokens. This volume will be decreased over time to create scarcity and increase its value. Burning within the Revolutux (RVLT) ecosystem takes place periodically. 20% of all transaction fees within the Revolutux (RVLT) ecosystem are burnt. 

Additionally, Revolutux (RVLT) token holders can participate in the governing process that determines the future of the Revolutux (RVLT) ecosystem. This member involvement makes them feel involved in the growth of the ecosystem. 

The Revolutux (RVLT) ecosystem has an active reward redistribution system for all its users. This redistribution occurs as 50% of all transaction fees are returned to the wallets of RVLT holders. 

Features Of The Axie Infinity (AXS) Ecosystem 

Axie Infinity (AXS) is an Ethereum blockchain-based metaverse project. Like the Revolutux (RVLT) ecosystem, it allows users to create, own, and trade Non-fungible tokens. 

Axie Infinity (AXS) is a virtual gaming platform where users can purchase and own NFT-like in-game assets. These in-game assets can be land or Axies. 

Axies are monster-like creatures used to engage in battles within the Axie Infinity metaverse. They can be purchased, raised, or bred within the Axie Infinity (AXS) platform. Like NFTs, Axies are unique assets. Each Axie’s specifications determine its strength and power.

Axies are bred to create new NFT-based in-game assets. The new Axies share similar traits with their parents, determined by their dominant and recessive qualities.

Like the Revolutux (RVLT) ecosystem, Axie Infinity (AXS) has a native NFT marketplace where users can exchange axies for cryptocurrencies. The AXS cryptocurrency powers transactions within the Axie Infinite ecosystem. 

Screenshot 20220904 184553 01
Axie Infinity and Revolutux: Two Metaverse Compatible Projects With Well Developed NFT Marketplaces  8

Features of the Shiba Inu (SHIB) Ecosystem

The Shiba Inu cryptocurrency differs from the Revolutux (RVLT) and Axie Infinity cryptocurrencies. The Shiba Inu cryptocurrency was created as a meme coin in the crypto space. Meme coins are cryptocurrencies created based on a popular internet meme.

Since Dogecoin (DOGE), the first meme coin, became a success and gained acceptance within the crypto space, other meme coins like Shiba Inu (SHIB) have entered the coin market. The Shiba Inu cryptocurrency experienced a surge in price not shared by any other meme coin.

Additional Features Of The Revolutux (RVLT) Ecosystem

Revolutux (RVLT) is a new cryptocurrency in the coin market, which means it has a lot to offer its users. It is currently in its presale stage and provides additional reward opportunities for its participants.

Participating in stage one of the presale is rewarded with a 7% bonus. Participants earn a 6% bonus when they purchase USDT ERC-20 tokens in the presale. When referring others, both parties will receive $50 as a reward for participating in the presale when the referred individual purchases $200.

The Revolutux (RVLT) token is one of the best cryptocurrencies you can buy in 2022. It offers numerous reward opportunities due to its host blockchain. Revolutux (RVLT) stakeholders will play an active role in determining the ecosystem’s future. Participate in the ongoing presale to enjoy the next-generation ecosystem’s features. You can find more information here.

Finally, Ronin Bridge Comes Back to Life After 3 Months

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Three months after the Ronin Bridge was breached for more than $600 million, Sky Mavis, the creators of the well-known play-to-earn (P2E) nonfungible token (NFT) game Axie Infinity, stated that the bridge is back up.

Users can move assets between the sidechain and the Ethereum mainnet via the Ronin bridge, an Ethereum sidechain created for Axie Infinity.

On March 29, 173,600 ETH and 25.5 million USDC were removed from the bridge after hackers were able to somehow get access to private validator keys. The hack was valued at around $620 million at the time.

Ronin Bridge is back online after three audits

The Sky Mavis team said on Tuesday that the Ronin bridge is now operational following three audits (one internal and two external), a redesigned layout, and complete restitution of users’ stolen assets:

By providing the ETH liquidity to support customers’ Wrapped ETH (wETH) on the Ronin network, Sky Mavis has already refunded 117,600 ETH and 25.5 million USDC in total.

Due to Binance’s offering of a bridge to its exchange that let users to convert their wETH to ETH, some 46,000 of those ETH had already been paid out as of April.

Liquidity for the purchase was provided by the founders’ cash and the remaining amount at Axie Infinity. Binance also organized a $150 million investment round to help Sky Mavis pay back Axie Infinity consumers.

The remaining 56,000 of the total stolen ETH are owned by the Axie DAO Treasury and will remain uncollateralized as Sky Mavis “works with legal authorities to collect the money.”

Sky Mavis has upgraded the smart contract software as part of the revised bridge architecture to allow validators to establish daily withdrawal limitations, with the starting amount set at $50 million at this time. Additionally, the company put in place a circuit breaker system that categorizes withdrawals into three groups.

Sky Mavis recognized that the Ronin bridge had been vulnerable to the assault because of its lack of decentralization in a postmortem investigation that was published in late April. There were now only nine validator nodes, and only four of them were usable by employees.

After quickly increasing the number of nodes to 11, Sky Mavis announced intentions to do the same within three months of the autopsy, bringing the total number of nodes to at least 21, with the long-term goal of topping 100.

In the most recent statement, the team did not offer an update on the number of validator nodes that the Ronin network presently has.

Crypto Mixer Blender Slapped With Sanction For Its Role In $620M Axie Infinity Hack

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Centralized crypto mixer Blender.io got hit with first of its kind sanctions over its alleged role in the infamous $620 million online gaming platform Axie Infinity by the U.S. Department of the Treasury’s Office of Foreign Assets Control [OFAC].

As per the press release, Blender was used in processing over $20.5 million of the stolen funds, carried out by the Democratic People’s Republic of Korea [DPRK] sponsored cyber hackers, Lazarus Group.

The P.A also mentioned that the treasury will update the List of Specially Designated Nationals and Blocked Persons [SDN List] to identify additional digital currency addresses used by the Lazarus Group to launder illicit proceeds. 

Treasury is committed to exposing components of the virtual currency ecosystem, like Blender, that are critical to the obfuscation of the trail of stolen proceeds from illicit cyber activity, the blog post read.

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Crypto Mixer Blender Slapped With Sanction For Its Role In $620M Axie Infinity Hack 10

Reeling under severe pressure from U.S. and UN sanctions, the DPRK has fallen back on illicit activities, including cyber-enabled heists from cryptocurrency exchanges and financial institutions, to fuel its unlawful weapons of mass destruction [WMD] and ballistic missile programs, the treasury dept claimed.

Cryptocurrency mixers that assist illicit transactions will be severely dealt with- US Secretary

Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson stated,

Today, for the first time ever, Treasury is sanctioning a virtual currency mixer. Virtual currency mixers that assist illicit transactions pose a threat to U.S. national security interests. We are taking action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to go unanswered.

Earlier TronWeekly covered an article where UN officials in a media briefing alleged that North Korea used stolen digital assets worth several millions of dollars to fund its nuclear and ballistic missile program.

It also mentioned that between 2020 and mid-2021 cyber-attackers originating from the nation stole more than $50 million of digital assets.

A study published by online security platform Chainalysis suggested that North Korean cybercriminals could have netted a staggering $400 million worth of cryptos last year.

Despite imposing massive sanctions, the UN report says North Korea continues to seek material, technology, and know-how overseas, including through cyber means and joint scientific research.

Post the $600M Ronin Hack the Team Is Sprucing up its Security Measures

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Following the $600 million Ronin attack late last month, the Ronin Network and Sky Mavis have promised to improve their smart contracts, pay large bug bounties, and tighten up security.

An exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), valued at more than $612 million at the time, was discovered on the Ethereum sidechain designed for the popular NFT game Axie Infinity.

The Federal Bureau of Investigation (FBI) blamed the attack on Lazarus, a North Korean-based and state-sponsored hacking gang. It issued a warning to other crypto and blockchain companies earlier this month.

History of the Ronin attack

Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were hacked on March 23rd, causing a loss of 173,600 Ethereum and 25.5 million USDC from the Ronin bridge.

The hack happened on March 23rd, 2022, and the Sky Mavis team detected it on March 29th. The team didn’t have a robust tracking system in place to monitor massive discharges from the bridge; the rupture didn’t go unnoticed for long.  

In order to fabricate bogus withdrawals, the attacker gained possession of five of the nine validator private keys – four Sky Mavis validators and one Axie DAO.

The Security upgrades under the sleeve

The Ronin Network intends to reopen its bridge by mid-to-late May, with Binance providing withdrawal and deposit infrastructure for Axie users until then.

The team is around 80% done with the Ronin bridge smart contracts upgrade; they’ll be redesigning the backend, transferring all outstanding withdrawals, and providing a validator dashboard that “allows for approving huge transactions and adding/removing new validators,” according to the team.

Sky Mavis will beef up its security measures by enlisting the support of “top tier security specialists,” undertaking contract audits, and putting in place more robust internal processes, including training classes to “fight external attacks.”

It will also significantly increase its node count in order to assist in decentralizing the project. Sky Mavis plans to expand the number from nine to eleven in the next three months. The initiative hopes to have more than 100 nodes in the long run.

Sky Mavis will also provide up to $1 million in bug bounties to any white hat hackers who can uncover new vulnerabilities.