Axie Infinity players can now withdraw from the Ronin network to Binance

A few hours ago it became known that deposits and withdrawals between the Binance exchange and the Ronin network, the home of the Axie Infinity video game, were reinstated. These procedures had been suspended after the hack suffered by Ronin in which more than 174 ETH and 25 million USDC, equivalent to USD 600 million, were extracted.

Was users who warned about the news on Twitter hours before the official accounts of Axie Infinity and Ronin spoke about it. Some details about enabling deposits and withdrawals are mentioned on the informational blogs of the Ronin network and Binance.

for now only Smooth Love Potion (SLP) and Axie Infinity Shards (AXS) tokens can be withdrawn and deposited between Binance and Ronin wallets. According to the latest update on the Ronin blog, ether transfers will remain disabled while investigations into the recent attack continue.

The Ronin Bridge (which allows direct transactions between the Ethereum and Ronin blockchains) and Katana (the Ronin network’s native exchange) also remain disabled until further notice, as read on the Ronin blog.

The Ronin Bridge will reopen, but the exact timeline is still being determined and is dependent on security audits and updates to the bridge.

Ronin Network Blog in Spanish

Progress regarding the attack on the Ronin Network

After having reported the hack to the Ronin bridge in CriptoNoticias, subsequent investigations have revealed some important details. One of them is that the attacker used social engineering to gain access to the involved nodes. This means that the hack was achieved through some kind of deception perpetrated on people in charge of managing said nodes.

A social engineering attack is what happens with scams and thefts in which victims voluntarily provide their account keys to the thieves through deception, be it text messages, phone calls or emails, for example.

According to what the Ronin Network blog mentions, Sky Mavis has already replaced the four validator nodes used by the company. In addition to this, they also stated that they will be promoting the addition of more validator nodes, in order to improve network security.

Despite the progress made so far, the ETH extracted by the perpetrator has not yet been recovered, nor has it been possible to identify it with a first and last name.

In the attacker’s wallet you can see that the stolen ethers are still there, along with other tokens, as well as a warning about the relationship between the wallet and the Ronin bridge robbery. Source: Etherscan.

Regarding the attacker’s wallet, it can be seen on the Etherscan block explorer that it has been tagged as an address reported to be involved in a Ronin bridge hack.

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It is curious that the perpetrator of the hack keeps other tokens in this wallet along with the stolen ETH. It highlights a CryptoKitties collectible among other NFTs.

This is what CryptoKitty #1999952 looks like stored in the hacker’s wallet. Source: etherscan.

The AXS and SLP market after the robbery

In another context, the market reaction to the reinstatement of Axie Infinity token transactions between Binance and the Ronin network is also quite striking. What is striking about it is its contrast with the expectations of the community on Twitter and some traders who spoke about it, which they expected the price of SLP and AXS to plummet after it became possible to mine these tokens outside of Ronin. However, the opposite has happened, both tokens are on the rise.

At the time of writing this article, the SLP is worth $0.0205 with an increase of 0.74% in the last 24 hours. Its highest point was $0.02133. The AXS, for its part, shows a rise of 5.88% and a price of USD 67.82.

On Twitter, users and traders discuss the possible causes of the increase in SLP and AXS prices. For some it is a result of the optimism that the resumption of transactions between Ronin and Binance can provide, to which are added the expectations related to the launch of Axie Infinity Origin and the details that its creators have been leaking.

For others, the rise in the prices of Axie Infinity tokens could be the product of what is known as institutional manipulationwhich would imply the injection of a large amount of money in order to cause an increase in the price of the asset and then liquidate it.

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