© Jakub Porzycki via Reuters Connect
Investing.com – Cryptocurrency news has definitely been buzzing these past few days, and more for worse than for better…
In a new episode that is expected to help undermine market confidence in cryptocurrencies, , the 56th largest crypto by capitalization, nearly doubled in value in about 15 minutes on Sunday afternoon before seeing the gist of its gains evaporate almost as quickly as they had been recorded.
Starting from around $6.40 around 2:25 p.m., Axis Infinity reached a high of $12.44 around 2:40 p.m. At 6:30 p.m., AXS had come back to a low of $6.9, and is currently trading at $7.3.
The reason for this violent rise followed quickly canceled? A new case of piracy! Indeed, a big crypto trader, known on Twitter (NYSE:) as CarlosOMFG, announced that his Binance trading account was hacked, and the hacker bought $1 million worth of AXS .
“If you are wondering why #AXS is pumping. Someone somehow bought a million dollars from my @cz_binance @binance account. I have several levels of security, no one has accessed my account… WTF! I just got REKT,” he tweeted.
Sharing CarlosOMFG’s tweet, the Binance boss himself provided an explanation, stating, “Carlos confirmed that the unrecognized commands were due to his API key being leaked. It only has one active API key and it was used on Skyrex, a crypto trading bot platform. We will try to deactivate all API keys that were used by Skyrex, working out how to identify them now”.
These explanations did not prevent CarlosOMFG from receiving multiple threats, and accusations that he lied, and knowingly orchestrated the Axie Infinity pump. The case therefore remains to be followed.
What is Axie Infinity and AXS crypto?
Finally, note that Axie Infinity is an online game universe that revolves around Pokémon-like creatures known as Axies. Players can collect Axies as virtual pets and aspire to fight, breed, collect, breed, and build kingdoms for their Axies. The game based on uses a design that allows players to own their virtual assets and rewards players who are able to reach an advanced skill level.
Axie Infinity Shards (AXS) is the ERC-20 governance token for the Axie universe. It can be considered the game’s native currency, and its holders are eligible for rewards if they stake their tokens, play the game, and participate in key governance votes.