Ethereum-Based Gaming Altcoin Skyrockets Following Coinbase Listing Announcement
An altcoin based on the Ethereum (ETH) blockchain and focused on gaming is experiencing a significant surge in value after being listed by Coinbase, one of the leading cryptocurrency exchanges in the United States.
The Coinbase Announcement
In a recent announcement, Coinbase revealed its plans to add support for Ronin (RON), a protocol developed by Sky Mavis, the team behind the popular non-fungible token (NFT) game Axie Infinity (AXS). Starting on March 21st, Coinbase users will be able to trade and transact with Ronin tokens on the platform.
Roninโs Price Surge
News of the Coinbase listing immediately caused a surge in the value of Ronin. At the time of writing, Ronin is trading at $3.78, representing an impressive 8.5% gain over the past 24 hours.
Hacking Incident
Ronin was previously involved in a hacking incident in March 2022. The North Korean hacking group Lazarus reportedly stole hundreds of millions of dollars from Ronin, according to the U.S. Department of the Treasury. The Office of Foreign Assets Control (OFAC) added one of Lazarusโ Ethereum addresses to its sanctions list following the incident.
How the Hack Occurred
The hacking group managed to take control of several validating nodes owned by Sky Mavis and the Axie decentralized autonomous organization (DAO). They exploited human error and social engineering techniques to gain access to these nodes and steal approximately $600 million.
Hot Take: Roninโs Listing Boosts Gaming Altcoinโs Value
The recent listing of Ronin on Coinbase has had a significant impact on the altcoinโs value. This development highlights the growing popularity and adoption of blockchain-based gaming platforms and tokens. With the support of Coinbase, Ronin is likely to attract more attention from investors and gamers alike, potentially leading to further price increases in the future.
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