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According to information obtained from different network security resources, the Philippine National Police warned citizens to be cautious about using Axie Infinity's earning model, mentioning security issues. (Statement)
Axie Infinity is a crypto game that offers a way to earn money called "Play-to-Earn". Players can buy characters, upgrade them and sell them for a higher price. It is also possible to fight with characters and earn Ethereum’s crypto game tokens (SLP) and Axie Infinity Shards (AXS). Axie Infinity is an NFT-based video game developed by Vietnamese studio, Sky Mavis. Axie Infinity is built on the Ronin Network, an Ethereum-related sidechain. The setting of the game is full of NFT creatures called Axies. Players can buy at least three Axies in the secondary market, and the floor price of Axie is $150. To play this game, you must pay $420 first. At its peak in November 2021, there are as many as 720,000 active users, and no encrypted game can match it.
In August 2023, the National Police Anti-Cybercrime Group (PNP ACG) issued a new statement stating that citizens should be alert to the risk of extortion brought about by the game model of purchasing non-fungible tokens (NFTs). "Hackers are now stealing millions of dollars' worth of cryptocurrency through fake rewards in so-called 'earn to play' mobile and online games," the statement states. Promises huge financial rewards when potential targets build trust.
The state police department highlighted the popular earn-to-play model employed by Axie Infinity and others, where users earn rewards, usually NFTs, for things like completing quests or leveling up. Hackers used custom gaming apps to promise investors' trust, then stole all the money through malware. Cybercriminals approach victims online and build relationships, directing victims to an online or game where they claim players can earn cryptocurrency rewards for certain activities, such as growing "crops" on animated farms. The game displays false rewards. However, when depositing virtual currency into wallets is stopped, cybercriminals use malware to steal all funds. The government intends to further adopt mobile passport NFT, how to prevent fraud intrusion, the Philippine National Police issued relevant recommendations.
And this channel has conducted an in-depth analysis of Axie Infinity's unknown economic ecology on July 9, 2022. More details can be found in the video below.
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[Metaverse/Currency Market Land Price] Metaverse Land Price Analysis Series - Play-to-Earn Originator - Axie Infinity, an unknown economic ecology.
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