{"investigation":{"slug":"axie-infinity","entity_name":"Axie Infinity","trust_score":56,"severity_base":56,"score_modifier":0,"confidence":0.87,"status":"published","content_type":"investigation","summary":"Axie Infinity is a blockchain-based play-to-earn NFT game developed by Vietnam-based Sky Mavis in which players collect, breed, and battle digital creatures called Axies on the Ronin sidechain. In March 2022 the game's underlying Ronin bridge was exploited for 173,600 ETH and 25.5 million USDC — approximately $625 million at the time — in what the US Treasury and FBI attributed to North Korea's Lazarus Group, making it the largest DeFi hack in history at that point. Sky Mavis subsequently raised $150 million to compensate affected users, hardened the Ronin validator set, and pivoted the game toward a land-based expansion called Homeland, though token prices and player counts have not recovered to 2021 peak levels.","sections":[{"content":"Axie Infinity was developed by Sky Mavis, a Ho Chi Minh City-based studio co-founded in 2018 by Trung Nguyen (CEO), Aleksander Larsen (COO), Jeffrey Zirlin (Growth Lead), Tu Doan (Art Director, known as Masamune), and Viet Anh Ho (CTO). Conceptual work on the game began in 2017, and it launched publicly in March 2018, drawing early comparisons to Pokemon due to its creature-collection mechanic. The game runs on Ronin, a purpose-built Ethereum sidechain created by Sky Mavis to reduce gas fees and increase transaction throughput. Players own Axie NFTs, which can be bred, battled in player-versus-player card matches, and traded on the Axie Marketplace. By mid-2021 the game had grown to more than 2.7 million daily active users and reported over $4 billion in lifetime NFT trading volume, with the Philippines accounting for roughly 40 percent of the player base. Sky Mavis raised a $152 million Series B round in October 2021 led by Andreessen Horowitz (a16z) at a $3 billion valuation, with co-investors including Paradigm, Accel, FTX Ventures, and Samsung Next.","heading":"Overview and Background","sources":[{"url":"https://en.wikipedia.org/wiki/Axie_Infinity","name":"Axie Infinity — Wikipedia","type":"other","credibility":2},{"url":"https://www.theblock.co/post/119521/axie-infinity-nft-series-b-funding-a16z","name":"Axie Infinity creator nets $152 million in Series B funding led by a16z — The Block","type":"news_article","credibility":2},{"url":"https://decrypt.co/resources/what-is-axie-infinity-the-play-to-earn-nft-game-taking-crypto-by-storm","name":"What Is Axie Infinity? Play-to-Earn NFT Game Explained — Decrypt","type":"news_article","credibility":2}],"severity":"low"},{"content":"On March 23, 2022, an attacker exploited the Ronin Network bridge, draining 173,600 ETH and 25.5 million USDC — valued at approximately $625 million at the time — across two transactions. The breach went undetected for six days, only surfacing on March 29 when a user reported an inability to withdraw 5,000 ETH from the bridge. The Ronin network relied on nine validator nodes to authorize bridge withdrawals, requiring a majority of five signatures. The attacker obtained five private keys: four belonging to Sky Mavis validator nodes and one belonging to the Axie DAO. The Axie DAO key was compromised via a backdoor in the Ronin gas-free RPC node that had been provisionally granted to Sky Mavis in November 2021 to help manage peak user load; the allowlist access was not revoked after it was discontinued in December 2021. The attacker abused that residual access to forge signatures for the Axie DAO validator, reaching the five-of-nine quorum necessary to authorize withdrawals. Sky Mavis disclosed the breach in a community alert on March 29, 2022, and immediately paused the Ronin bridge and the Katana decentralized exchange. The hack remains the largest single DeFi exploit in nominal dollar terms as of the date of this report.","heading":"The Ronin Bridge Hack (March 2022)","sources":[{"url":"https://roninchain.com/blog/posts/community-alert-ronin-validators-6513cc78a5edc1001b03c366","name":"Community Alert: Ronin Validators Compromised — Ronin Chain Blog","type":"official","credibility":1},{"url":"https://roninchain.com/blog/posts/back-to-building-ronin-security-breach-6513cc78a5edc1001b03c364","name":"Back to Building: Ronin Security Breach Postmortem — Ronin Chain Blog","type":"official","credibility":1},{"url":"https://www.halborn.com/blog/post/explained-the-ronin-hack-march-2022","name":"Explained: The Ronin Hack (March 2022) — Halborn","type":"research","credibility":2},{"url":"https://cointelegraph.com/news/the-aftermath-of-axie-infinity-s-650m-ronin-bridge-hack","name":"The aftermath of Axie Infinity's $650M Ronin Bridge hack — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://www.alixpartners.com/insights/102hntj/a-bridge-too-far-largest-ever-crypto-hack-highlights-the-impact-on-users-and-the-lack-of-protection-at-the-cutting-edge/","name":"A bridge too far? Largest ever crypto hack highlights the impact on users — AlixPartners","type":"research","credibility":2}],"severity":"critical"},{"content":"On April 14, 2022, the US Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned the Ethereum address 0x098B716B8Aaf21512996dC57EB0615e2383E2f96, identifying it as controlled by Lazarus Group — a state-sponsored hacking collective linked to North Korea's Reconnaissance General Bureau. The FBI independently attributed the Ronin exploit to Lazarus after tracing on-chain fund flows. OFAC added three additional Ethereum addresses associated with the hack on April 22, 2022. Blockchain analytics firms Elliptic and Chainalysis independently verified that the Treasury-identified wallets matched funds from the Ronin bridge transactions. TRM Labs reported that Lazarus subsequently moved a significant portion of the stolen funds through Tornado Cash, the Ethereum mixing protocol that OFAC itself sanctioned in August 2022 in part because of its use to launder Ronin proceeds. Lazarus Group had previously been linked to the 2014 Sony Pictures hack and the 2017 WannaCry ransomware campaign; US officials stated that cryptocurrency theft funds North Korea's nuclear and ballistic missile development programs.","heading":"Attribution to North Korea's Lazarus Group","sources":[{"url":"https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit","name":"US Officials Tie North Korea's Lazarus Hackers to $625M Ronin Exploit — CoinDesk","type":"news_article","credibility":1},{"url":"https://techcrunch.com/2022/04/15/us-officials-link-north-korean-lazarus-hackers-to-625m-axie-infinity-crypto-theft/","name":"N Korean Lazarus hackers tied to $625M theft — TechCrunch","type":"news_article","credibility":1},{"url":"https://cyberscoop.com/ronin-bridge-hack-lazarus-group-north-korea-treasury-sanctions/","name":"Treasury updates Lazarus Group sanctions with digital currency address linked to Ronin Bridge hack — CyberScoop","type":"regulatory","credibility":1},{"url":"https://www.trmlabs.com/resources/blog/north-koreas-lazarus-group-moves-funds-through-tornado-cash","name":"North Korea's Lazarus Group moves funds through Tornado Cash — TRM Labs","type":"research","credibility":2},{"url":"https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge","name":"North Korea's Lazarus Group identified as exploiters behind $540 million Ronin bridge heist — Elliptic","type":"research","credibility":2}],"severity":"critical"},{"content":"Sky Mavis announced a $150 million funding round on April 6, 2022, led by Binance, with participation from Animoca Brands, a16z, Paradigm, Dialectic, and Accel, to cover losses incurred by affected bridge users. The company stated it would combine the new capital with funds from its own balance sheet — Axie Infinity had generated approximately $1.3 billion in revenue in the preceding twelve months — to fully compensate users. Binance provided interim liquidity for ETH withdrawals and deposits while the bridge was offline. The Ronin bridge was taken offline on March 29 and reopened in late June 2022 after security audits and validator restructuring. In the interim, Sky Mavis published a postmortem detailing the RPC backdoor vulnerability and outlined a roadmap to expand the validator set from nine to twenty-one within three months, with a long-term target of over one hundred external validators. By August 2022, the validator count had risen to seventeen. All affected users were ultimately reimbursed through a combination of the fundraise proceeds and company treasury funds. Law enforcement recovered approximately $30 million of the stolen assets in 2022, and in 2023 additional funds were traced, though the bulk of the stolen cryptocurrency was never recovered from Lazarus-controlled addresses.","heading":"Sky Mavis Response and User Reimbursement","sources":[{"url":"https://techcrunch.com/2022/04/06/axie-infinity-creator-raises-150m-round-to-compensate-victims-of-625m-ronin-hack/","name":"Axie Infinity creator raises $150M to compensate hack victims — TechCrunch","type":"news_article","credibility":1},{"url":"https://blog.axieinfinity.com/p/funding","name":"Sky Mavis Raises $150M Led By Binance, Funds to be Restored on the Ronin Bridge — Axie Infinity Blog","type":"official","credibility":1},{"url":"https://www.coindesk.com/business/2022/04/06/sky-mavis-raises-150m-round-led-by-binance-to-reimburse-ronin-attack-victims","name":"Sky Mavis Raises $150M Round Led by Binance to Reimburse Ronin Attack Victims — CoinDesk","type":"news_article","credibility":1},{"url":"https://dappradar.com/blog/ronin-increases-security-measures-and-adds-more-validators","name":"Ronin Increases Security Measures and Adds More Validators — DappRadar","type":"news_article","credibility":2},{"url":"https://therecord.media/hackers-return-12-million-taken-from-ronin-network","name":"Hackers return $12 million taken during Ronin network breach — The Record","type":"news_article","credibility":2}],"severity":"high"},{"content":"Axie Infinity's play-to-earn model issued two tokens: AXS (Axie Infinity Shards), a governance token, and SLP (Smooth Love Potion), a utility token used for breeding Axies. During the 2021 bull cycle, AXS reached an all-time high of approximately $165 in November 2021 and total game trading volumes exceeded $4 billion. SLP was briefly tradeable at prices allowing Philippine players to earn above minimum wage, generating widespread media coverage of the game as an economic lifeline during COVID-19. However, SLP had an uncapped supply with no sustainable sink mechanism; as daily active users peaked at 2.7 million and declined, token issuance continued to outpace demand. By February 2022 — before the hack — the Axie Infinity team published an internal memo warning that 'the Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse,' and moved to reduce SLP emissions. Following the Ronin hack in March 2022, AXS fell from roughly $74 to $11 by June 2022, and continued declining to approximately $5.84 in November 2022 amid the broader FTX contagion. Daily active users dropped from a peak of approximately 2.7 million to fewer than 250,000 by mid-2022. SLP lost over 99 percent of its peak value. Players who had borrowed capital to purchase Axie NFTs — a common arrangement in the Philippines known as the scholarship model — faced significant losses. A TIME magazine investigation documented multiple Filipino players left in debt following the collapse.","heading":"Play-to-Earn Economy and Token Collapse","sources":[{"url":"https://www.coindesk.com/tech/2022/02/08/axie-infinity-reduces-slp-emissions-to-prevent-collapse","name":"Axie Infinity Reduces SLP Emissions to Prevent Collapse — CoinDesk","type":"news_article","credibility":1},{"url":"https://time.com/6199385/axie-infinity-crypto-game-philippines-debt/","name":"Axie Infinity Has Left Filipino Gamers Despondent and In Debt — TIME","type":"news_article","credibility":1},{"url":"https://www.context.news/big-tech/stung-by-losses-filipino-players-ditch-axie-infinity-crypto-game","name":"Stung by losses, Filipino players ditch Axie Infinity crypto game — Reuters / Context","type":"news_article","credibility":1},{"url":"https://cointelegraph.com/news/axie-infinity-axs-price-risks-deeper-losses-despite-90-drawdown-already","name":"Axie Infinity AXS price risks deeper losses despite 90% drawdown — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://99bitcoins.com/news/presales/axie-infinity-axs-price-down-98-in-4-years-solaxy-solx-on-fire/","name":"Axie Infinity AXS Price Down 98% In 4 Years — 99Bitcoins","type":"news_article","credibility":2}],"severity":"high"},{"content":"Following the bridge relaunch in June 2022, Sky Mavis began a multi-year effort to rebuild user trust and diversify the Ronin ecosystem beyond Axie Infinity itself. The company repositioned Ronin as a general-purpose gaming blockchain, onboarding third-party developers and launching additional titles. In January 2024, Sky Mavis released Axie Infinity: Homeland in beta — a land-based city-building and PvE experience that does not require purchasing Axie NFTs to participate at a basic level, a notable departure from the original pay-to-enter model. A companion mobile app launched in May 2023 also removed the mandatory NFT purchase barrier. By mid-2024 the game reported approximately 79,300 daily active unique wallets at its peak for that period, up from lows of roughly 8,950 in mid-2022, though still far below 2021 peaks. The AXS token, which peaked near $165 in November 2021, was trading near $3 to $6 through 2024 — a decline of over 96 percent from its all-time high. In 2024, Ronin validators adopted Chainlink's Cross-Chain Interoperability Protocol (CCIP) to further harden bridge security. Sky Mavis has not been subject to any regulatory enforcement actions as of the date of this report; the FBI and DOJ investigations into the Lazarus Group theft remain ongoing.","heading":"Post-Hack Restructuring and Ecosystem Recovery Efforts","sources":[{"url":"https://playtoearn.com/news/sky-mavis-transforms-axie-infinity-with-stage-2-nft-evolution","name":"Sky Mavis Transforms Axie Infinity with Stage 2 NFT Evolution — PlayToEarn","type":"news_article","credibility":2},{"url":"https://fortune.com/crypto/2023/05/17/web3-game-axie-infinity-releases-nft-optional-mobile-game/","name":"Axie Infinity creator releases new mobile app where buying NFTs is not required — Fortune","type":"news_article","credibility":1},{"url":"https://gam3s.gg/news/axie-infinity-homecoming-updates-2024/","name":"Axie Infinity Homecoming Updates for 2024 — GAM3S.GG","type":"news_article","credibility":2},{"url":"https://beincrypto.com/ronin-validators-choose-chainlink-ccip/","name":"Ronin Validators Adopt Chainlink's CCIP for Enhanced Bridge Security — BeInCrypto","type":"news_article","credibility":2},{"url":"https://blog.axieinfinity.com/p/h1-2024-development-update","name":"Axie's 2024: The Resurgence of a Movement — The Lunacian (Axie Blog)","type":"official","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2017","event":"Conceptual development of Axie Infinity begins by Trung Nguyen and co-founders in Vietnam.","source":"Axie Infinity Wikipedia","source_url":"https://en.wikipedia.org/wiki/Axie_Infinity","date_original":"2017-01-01"},{"date":"2018-03","event":"Axie Infinity officially launches; Sky Mavis formally incorporated.","source":"Axie Infinity Wikipedia","source_url":"https://en.wikipedia.org/wiki/Axie_Infinity","date_original":"2018-03-01"},{"date":"2021-06","event":"Daily active users surpass one million; Filipino players begin treating AXS/SLP earnings as primary income.","source":"Decrypt — What Is Axie Infinity?","source_url":"https://decrypt.co/resources/what-is-axie-infinity-the-play-to-earn-nft-game-taking-crypto-by-storm","date_original":"2021-06-01"},{"date":"2021-10-05","event":"Sky Mavis raises $152 million Series B led by Andreessen Horowitz at a $3 billion valuation.","source":"The Block","source_url":"https://www.theblock.co/post/119521/axie-infinity-nft-series-b-funding-a16z"},{"date":"2021-11-06","event":"AXS token reaches all-time high of approximately $165; daily active users peak near 2.7 million.","source":"CoinGecko / CoinLore historical data","source_url":"https://www.coinlore.com/coin/axie-infinity/historical-data"},{"date":"2021-11","event":"Sky Mavis grants Axie DAO temporary RPC node allowlist access to distribute gas-free transactions during peak load.","source":"Ronin Security Breach Postmortem","source_url":"https://roninchain.com/blog/posts/back-to-building-ronin-security-breach-6513cc78a5edc1001b03c364","date_original":"2021-11-01"},{"date":"2021-12","event":"Gas-free transaction arrangement with Axie DAO is discontinued, but allowlist access is not revoked — leaving a backdoor.","source":"Ronin Security Breach Postmortem","source_url":"https://roninchain.com/blog/posts/back-to-building-ronin-security-breach-6513cc78a5edc1001b03c364","date_original":"2021-12-01"},{"date":"2022-02-08","event":"Sky Mavis reduces SLP emissions, warning publicly of risk of 'total and permanent economic collapse' in the Axie economy.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2022/02/08/axie-infinity-reduces-slp-emissions-to-prevent-collapse"},{"date":"2022-03-23","event":"Lazarus Group exploits the Ronin bridge, stealing 173,600 ETH and 25.5 million USDC (~$625 million) via five compromised validator keys.","source":"Ronin Chain Community Alert","source_url":"https://roninchain.com/blog/posts/community-alert-ronin-validators-6513cc78a5edc1001b03c366"},{"date":"2022-03-29","event":"Breach is discovered after a user reports inability to withdraw 5,000 ETH. Sky Mavis publicly discloses the hack and pauses the Ronin bridge and Katana DEX.","source":"Ronin Chain Community Alert","source_url":"https://roninchain.com/blog/posts/community-alert-ronin-validators-6513cc78a5edc1001b03c366"},{"date":"2022-04-06","event":"Sky Mavis announces $150 million fundraise led by Binance, with a16z, Paradigm, Animoca, Dialectic, and Accel, to compensate affected users.","source":"TechCrunch","source_url":"https://techcrunch.com/2022/04/06/axie-infinity-creator-raises-150m-round-to-compensate-victims-of-625m-ronin-hack/"},{"date":"2022-04-14","event":"US Treasury OFAC sanctions Ethereum address 0x098B716B8Aaf21512996dC57EB0615e2383E2f96, formally attributing the Ronin hack to North Korea's Lazarus Group.","source":"TechCrunch / CyberScoop","source_url":"https://techcrunch.com/2022/04/15/us-officials-link-north-korean-lazarus-hackers-to-625m-axie-infinity-crypto-theft/"},{"date":"2022-06","event":"Ronin bridge relaunches after security audits; validator set expanded toward 21 nodes. All affected user funds reimbursed by Sky Mavis.","source":"DappRadar","source_url":"https://dappradar.com/blog/ronin-increases-security-measures-and-adds-more-validators","date_original":"2022-06-01"},{"date":"2022-08-08","event":"OFAC sanctions Tornado Cash, in part citing its use to launder approximately $455 million stolen in the Ronin hack.","source":"Chainalysis","source_url":"https://www.chainalysis.com/blog/tornado-cash-ofac-designation-sanctions/"},{"date":"2022-08","event":"Ronin validator count reaches 17 as Sky Mavis continues expanding the validator set.","source":"DappRadar","source_url":"https://dappradar.com/blog/ronin-increases-security-measures-and-adds-more-validators","date_original":"2022-08-01"},{"date":"2023-05-17","event":"Sky Mavis releases NFT-optional mobile version of Axie Infinity, removing the mandatory three-Axie purchase barrier to entry.","source":"Fortune","source_url":"https://fortune.com/crypto/2023/05/17/web3-game-axie-infinity-releases-nft-optional-mobile-game/"},{"date":"2024","event":"Axie Infinity: Homeland releases in beta — a land-based city-building experience with broader accessibility and reduced pay-to-enter requirements.","source":"GAM3S.GG","source_url":"https://gam3s.gg/news/axie-infinity-homecoming-updates-2024/","date_original":"2024-01-01"},{"date":"2024-04-15","event":"Bounty Board quest system launches, driving approximately 37,000 new unique users and a reported 200% spike in audience engagement.","source":"BlockchainGamer.biz","source_url":"https://www.blockchaingamer.biz/news/33436/axie-infinity-up-200-percent-h1-2024/"}],"sources_used":[{"url":"https://en.wikipedia.org/wiki/Axie_Infinity","name":"Axie Infinity — Wikipedia","type":"other","archive_url":"http://web.archive.org/web/20260622002432/https://en.wikipedia.org/wiki/Axie_Infinity","credibility":2,"archive_timestamp":"2026-06-22T00:24:32+00:00"},{"url":"https://roninchain.com/blog/posts/community-alert-ronin-validators-6513cc78a5edc1001b03c366","name":"Community Alert: Ronin Validators Compromised — Ronin Chain Blog","type":"official","archive_url":"http://web.archive.org/web/20260311044553/https://roninchain.com/blog/posts/community-alert-ronin-validators-6513cc78a5edc1001b03c366","credibility":1,"archive_timestamp":"2026-03-11T04:45:53+00:00"},{"url":"https://roninchain.com/blog/posts/back-to-building-ronin-security-breach-6513cc78a5edc1001b03c364","name":"Back to Building: Ronin Security Breach Postmortem — Ronin Chain Blog","type":"official","archive_url":"http://web.archive.org/web/20260213123553/https://roninchain.com/blog/posts/back-to-building-ronin-security-breach-6513cc78a5edc1001b03c364","credibility":1,"archive_timestamp":"2026-02-13T12:35:53+00:00"},{"url":"https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit","name":"US Officials Tie North Korea's Lazarus Hackers to $625M Ronin Exploit — CoinDesk","type":"news_article","archive_url":"http://web.archive.org/web/20260327074815/https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit","credibility":1,"archive_timestamp":"2026-03-27T07:48:15+00:00"},{"url":"https://techcrunch.com/2022/04/15/us-officials-link-north-korean-lazarus-hackers-to-625m-axie-infinity-crypto-theft/","name":"N Korean Lazarus hackers tied to $625M theft — TechCrunch","type":"news_article","archive_url":"http://web.archive.org/web/20260504183555/https://techcrunch.com/2022/04/15/us-officials-link-north-korean-lazarus-hackers-to-625m-axie-infinity-crypto-theft/","credibility":1,"archive_timestamp":"2026-05-04T18:35:55+00:00"},{"url":"https://cyberscoop.com/ronin-bridge-hack-lazarus-group-north-korea-treasury-sanctions/","name":"Treasury updates Lazarus Group sanctions — CyberScoop","type":"regulatory","archive_url":"http://web.archive.org/web/20260313114310/https://cyberscoop.com/ronin-bridge-hack-lazarus-group-north-korea-treasury-sanctions/","credibility":1,"archive_timestamp":"2026-03-13T11:43:10+00:00"},{"url":"https://techcrunch.com/2022/04/06/axie-infinity-creator-raises-150m-round-to-compensate-victims-of-625m-ronin-hack/","name":"Axie Infinity creator raises $150M to compensate hack victims — TechCrunch","type":"news_article","archive_url":"http://web.archive.org/web/20251205052430/https://techcrunch.com/2022/04/06/axie-infinity-creator-raises-150m-round-to-compensate-victims-of-625m-ronin-hack/","credibility":1,"archive_timestamp":"2025-12-05T05:24:30+00:00"},{"url":"https://blog.axieinfinity.com/p/funding","name":"Sky Mavis Raises $150M Led By Binance — Axie Infinity Blog (Official)","type":"official","archive_url":"http://web.archive.org/web/20260510152329/https://blog.axieinfinity.com/p/funding","credibility":1,"archive_timestamp":"2026-05-10T15:23:29+00:00"},{"url":"https://www.coindesk.com/business/2022/04/06/sky-mavis-raises-150m-round-led-by-binance-to-reimburse-ronin-attack-victims","name":"Sky Mavis Raises $150M Round Led by Binance — CoinDesk","type":"news_article","archive_url":"https://web.archive.org/web/20260725053051/https://www.coindesk.com/business/2022/04/06/sky-mavis-raises-150m-round-led-by-binance-to-reimburse-ronin-attack-victims","credibility":1,"archive_timestamp":"2026-07-25T05:30:51+00:00"},{"url":"https://www.theblock.co/post/119521/axie-infinity-nft-series-b-funding-a16z","name":"Axie Infinity creator nets $152M Series B led by a16z — The Block","type":"news_article","archive_url":null,"credibility":2,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.coindesk.com/tech/2022/02/08/axie-infinity-reduces-slp-emissions-to-prevent-collapse","name":"Axie Infinity Reduces SLP Emissions to Prevent Collapse — CoinDesk","type":"news_article","archive_url":"http://web.archive.org/web/20260715071441/https://www.coindesk.com/tech/2022/02/08/axie-infinity-reduces-slp-emissions-to-prevent-collapse","credibility":1,"archive_timestamp":"2026-07-15T07:14:41+00:00"},{"url":"https://time.com/6199385/axie-infinity-crypto-game-philippines-debt/","name":"Axie Infinity Has Left Filipino Gamers Despondent and In Debt — TIME","type":"news_article","archive_url":"http://web.archive.org/web/20251103062716/https://time.com/6199385/axie-infinity-crypto-game-philippines-debt/","credibility":1,"archive_timestamp":"2025-11-03T06:27:16+00:00"},{"url":"https://www.context.news/big-tech/stung-by-losses-filipino-players-ditch-axie-infinity-crypto-game","name":"Stung by losses, Filipino players ditch Axie Infinity — 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