Axie Infinity price could rally with Binance’s recovery of $5.8 million stolen funds


  • 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. 

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

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. 

 


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.

Recommended content


Recommended Content

Editors’ Picks

IRS says crypto staking should be taxed in response to lawsuit

IRS says crypto staking should be taxed in response to lawsuit

The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.

More Cryptocurrencies News
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode

Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses

Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.

More Ethereum News
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery

The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election. 

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP