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Ronin heist underscores crypto volatility: financial planner

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Warren De Guzman, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Axie Infinity twitter" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/03/31/20220331-axie-infinity.jpg"/><figcaption>Axie Infinity. <em>Illustration from Axie Infinity&#x27;s Twitter Page</em></figcaption></figure></div><p>MANILA - A cyberattack that spirited away $615 million from a digital ledger used by players of the popular online game Axie Infinity underscored the volatile nature of virtual currency investments, a financial planner said on Thursday.</p><p>Blockchain technology, where cryptocurrency transactions are logged, was supposed to be &quot;un-hackable.&quot; But it was proven otherwise by the heist involving play-to-earn Axie Infinity, said registered financial planner Fitz Villafuerte, who manages a team of Axie players. </p><p>Axie Infinity allows players to earn cryptocurrencies called SLP and AXS in a non-fungible token or NFT game. Villafuerte invested money needed for a team of players to start playing Axie Infinity so they can start earning cryptocurrencies to divide among each other. </p><p>Villafuerte told ABS-CBN News he started his Axie Infinity investment with money he was prepared to lose. But it would be a hard lesson to swallow for those who went in with too much money, he said. </p><p>The moment Villafuerte learned of the <a href="https://news.abs-cbn.com/business/03/30/22/blockchain-project-behind-axie-infinity-hit-by-615-m-crypto-heist">cyber attack</a> on the Ronin system, a complimentary service set up by the creators of Axie Infinity to facilitate the exchange of their cryptocurrencies at lower costs, he had to check his crypto assets. </p><p>Thankfully, they are still intact. But because an investigation is still ongoing, those assets are untouchable. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/30/22/axie-users-cant-withdraw-assets-as-cyberheist-probed">Axie users can’t withdraw assets from Ronin as cyberheist probed</a></li></ul><p>“Ang main concern ng team is, na-stop &#x27;yung pagwi-withdraw ng SLPs and AXS, so basically nandun lang ang mga coins namin and hindi makaka-sweldo ang mga scholars namin,&quot; he said, referring to players. </p><p>(The main concern of the team is the withdrawal of SLPs and AXS was stopped. All our coins are there, our scholars won&#x27;t be able to get their money)</p><p>This means players who rely on Axie for income have suddenly been subjected to the equivalent of losing access to their ATM or bank account. </p><p>“Cryptocurrencies or the crypto space in general ay high risk. I think it is good na kami, we entered this with that kind of mindset na talagang, &#x27;yung pera na willing kaming mawala, &#x27;yun lang &#x27;yung pinasok namin,&quot; he said.</p><p>(Cryptocurrencies or the crypto space in general is high risk. I think it is food that we entered this with that kind of mindset that we only invested money that we were ready to lose.) </p><p>The Bangko Sentral ng Pilipinas and the Philippine Securities and Exchange Commission have constantly warned the public about cryptocurrencies&#x27; volatility.</p><p>While these investments are not illegal, they are still highly speculative, experts have said. </p><p>There is no legal framework wherein the government can step in to save or protect investors should things go wrong.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/31/22/ronins-615-million-crypto-heist">Ronin&#x27;s $615 million crypto heist</a></li></ul><div><strong>WHAT&#x27;S NEXT?</strong></div><p>Villafuerte said it is not uncommon for a play-to-earn blockchain game to be simply discontinued by the developer, leaving holders of its cryptocurrencies with nothing. </p><p>However, Villafuerte is confident that Sky Mavis, the developer of Axie Infinity and Ronin, would remain committed to the game and its players in spite of cyber attack on the Ronin Network. </p><p>&quot;There are things na we have control, and there are things na wala. Ito &#x27;yung mga bagay na wala tayong control. So kahit na magreklamo tayo nang magreklamo, kung &#x27;yun talaga ang decision ng company, it would be futile no. So in the meantime, tignan natin, baka may iba pa tayong pwede mapagkakitaan,&quot; he said.</p><p>(These are the things we have no control over. Even if we complain, if that company made its decision, it would be futile. In the meantime, let&#x27;s look for other sources of income)</p><p>The company said 60 percent of their global user base is Asian, and the majority of their Asian players are Filipinos.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/02/15/22/life-changing-or-scam-axie-infinity-helps-philippines-poor-earn">&#x27;Life-changing&#x27; or scam? Axie Infinity helps Philippines&#x27; poor earn</a></li></ul><p>&quot;We are actively investigating the situation and are in the process of discussing with Axie Infinity, Sky Mavis stakeholders about how to best move forward and ensure no users&#x27; funds are lost,&quot; Axie Infinity Philippines Lead Nix Eniego said. </p><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="18415617" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1768611" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The $615-million heist from an Axie Infinity digital ledger underscores the volatile nature of virtual currency investments, a financial planner said.

Ronin heist underscores crypto volatility: financial planner

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Ronin heist underscores crypto volatility: financial planner

Warren De Guzman,

ABS-CBN News

Published Mar 31, 2022 02:49 PM PHT

|

Updated Apr 01, 2022 04:08 PM PHT

Read More:

Skymavis

Ronin

Axie Infinity

Cyberattack

Hack

virtual currency

blockchain

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