After hackers stole more than $600 million from the Ronin Network blockchain that hosts the game, Axie Infinity (AXS), the native token of the namesake videogame, reversed most of its recent gain. The value of RON, the blockchain’s native cryptocurrency, has also dropped.
The price of AXS has dropped by as much as 13% to $62 since the news of the hack broke on Tuesday. The price of RON has dropped by a whopping 35% to $1.69. The announcement comes only days before the release of Origins, a much-anticipated update to Axie Infinity.
Sky Mavis, the creator of Axie Infinity, runs Ronin. The attack is a big setback for the Vietnamese developer. Of course, who just unveiled an intricate strategy to improve community governance in AXS earlier this month. It was unclear whether the hack had hampered these plans.
AXS was one of the best-performing cryptocurrencies in March prior to the breach, with gains of up to 35 percent. In recent weeks, the coin has been backed by a mix of optimism about the Origins. AXS’ intentions for decentralization, and growing interest in blockchain games.
However, today’s losses have wiped out the majority of those gains, and the token is certain to continue losing in the coming days as more facts about the breach emerge. AXS’ losses also cost it its position as the second-largest gaming token by market capital, which was taken by Sandbox (SAND).
In the aftermath of the hack, more gaming tokens appeared to be falling out of favor. The largest gaming token by market capital, Decentraland (MANA), fell 3%, while SAND fell 2.8 percent.
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