Axie Infinity Daily Active Users Fell 45% Before the $600M Hack

Axie Infinity daily active user is declining

Even before the recent Ronin bridge attack, which caused losses of around $600 million, Axie Infinity saw a decline in daily active users.

According to current statistics from Sky Mavis, the game’s daily active players peaked in November and then dropped 45% to 1.48 million on March 28, 2022, a day before the 600 million hack.

Since December, when the game was updated, and March 23, when hackers stole $600 million in ETH and USD Coin from Ronin, a sidechain that enables quicker in-game transactions, the drop in users has been particularly noticeable.

December saw a rapid selloff in the in-game Smooth Love utility token, dropping the price. “Daily earnings dropped, and so did interest in the game. Those that bought in at the highs started to feel fearful and naturally doubt creeped in,” opined Martin Lee, a data journalist at Nansen. Lee adds that players are awaiting the game’s “Origin” patch that looks to revitalize, improve and increase the depth of gameplay.

Sky Mavis, the company behind the popular play-to-earn game Axie Infinity, has pledged to reimburse players after hackers stole $625 million from the underlying Ronin blockchain.

The stolen funds included the deposits of players and speculators, plus revenue from the Axie Infinity Treasury, Sky Mavis Chief Operating Officer Aleksander Leonard Larsen told Bloomberg.

Yesterday, the money stolen by anonymous hackers is now being distributed between multiple wallets and solutions to hide the tracks and withdraw digital assets into cash. The hackers have transferred 1,000 ETH, or about $3.5 million, to another Ethereum wallet with no marks or tags, although there appear to be numerous wallets involved in transactions designed to confuse investigators. (You can check more information on the Wallet Address HERE)

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News