- Axie Infinity price is on track to recover from its slump as Binance recovers stolen AXS funds across 86 accounts.
- Binance announces the recovery of $5.8 million in funds stolen in the $625 million exploit by the Lazarus Hackers group.
- Analysts believe Axie Infinity price could recover from the swing low, breaking out of its downward spiral.
Despite the recent pullback in Axie Infinity price, there is a rise in the number of holders of the gaming token. Analysts have revealed a bullish outlook on Axie Infinity, predicting recovery from the downtrend.
Axie Infinity could make a comeback as stolen funds are recovered
The Lazarus Group stole nearly $625 million in an attack on the Ronin Bridge. Several platforms have attempted to recover the stolen funds and reinstate them. The world’s largest crypto exchange Binance announced the successful recovery of $5.8 million spread across 86 accounts on its platform.
Chang Peng Zhao (CZ), the founder and CEO of Binance, revealed the news of fund recovery in a recent tweet.
The DPRK hacking group started to move their Axie Infinity stolen funds today. Part of it made to Binance, spread across over 86 accounts. $5.8M has been recovered. We done this many times for other projects in the past too. Stay #SAFU.
— CZ Binance (@cz_binance) April 22, 2022
Proponents believe a recovery of funds stolen from Axie Infinity’s bridge could fuel a positive sentiment among investors. Axie Infinity price could begin its recovery from the slump and wipe out losses of the past few weeks.
The recent correction in Axie Infinity price did not deter holders from accumulating AXS. Crypto data platform Token Terminal observed a spike in the number of Axie Infinity holders despite the recent price drop.
Daily fully diluted market cap vs. token holders over the past year
Analysts have evaluated the Axie Infinity price trend and predicted recovery from the swing low. @CryptoTony_, a crypto analyst and trader, observed a drop in Axie Infinity price and considers it a healthy correction. The analyst argues that the swing low is an opportunity for traders as long as Axie Infinity price recovers.
$AXS / $USD - Update
— Crypto Tony (@CryptoTony__) April 17, 2022
Currently on the swing low and so i am looking for an impulse up for us to look for a play. Swing lows provide the best RR opportunity, as long as we hold that level of course ❤️ pic.twitter.com/0zPi0Q5Fjw
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.