20231221 axie vietnam

Axie merch IRL. The Axie blockchain game triggered a play-to-earn NFT boom but was criticized as a pyramid scheme. (Photo by Lien Hoang)

How Axie's loss changed the battle against North Korean crypto hackers

After FBI probe of biggest coin heist ever, can Vietnamese startup reinvent gaming?

HO CHI MINH CITY/MANILA -- Hundreds of Axie Infinity gamers braved a cold November rain, gathering in Manila to down shots of whiskey, pile into photo booths and, of course, play the crypto game, which had once promised to shake up the world of both video games and blockchain.

Their enthusiasm was a sharp contrast to the year before, when players saw their money -- and Axie's business model -- disappearing before their eyes.

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