Axie Infinity (AXS), the native token of the eponymous videogame, reversed most of its recent rally after hackers stole more than $600 million from the Ronin Network blockchain that runs the game. RON, the native token on the blockchain, also slumped in value.
AXS price lost as much as 13% since the news of the hack on Tuesday, trading at $62. RON plummeted a whopping 35% to $1.69. The news comes just days ahead of a widely anticipated update to Axie Infinity, called Origins.
Ronin is run by the developer of Axie Infinity- Sky Mavis. The hack comes as a major blow to the Vietnamese developer, who had earlier this month outlined an elaborate plan to increase community governance in AXS. It was currently unclear if the hack had affected these plans.
AXS reverses recent rally
Prior to the hack, AXS was among the best performing cryptocurrencies in March, up as much as 35%. A mix of optimism over the Origins update, AXS’ plans for decentralization, and increasing interest in blockchain g
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