Ethereum-Based Gaming Altcoin Leaps After Coinbase Listing Announcement

An Ethereum (ETH)-based gaming altcoin is skyrocketing after being abruptly listed by Coinbase, the top US-based crypto exchange platform by volume.

In a new announcement, Coinbase says that starting on March 21st, it will be adding support for Ronin (RON), a protocol developed by play-to-earn blockchain game developer Sky Mavis, the same team that created the non-fungible token (NFT)-based game Axie Infinity (AXS).

“Coinbase will add support for Ronin on the Ronin network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in the regions where trading is supported.”

News of the announcement sent Ronin surging, as the altcoin is trading for $3.78 at time of writing, nearly an 8.5% gain during the last 24 hours.

In March 2022, Ronin was hacked to the tune of hundreds of millions of dollars by the North Korean hacking group Lazarus, according to the U.S. Department of the Treasury.

According to the blockchain intelligence firm Chainalysis, at the time, The Office of Foreign Assets Control (OFAC) added an Ethereum (ETH) address belonging to the group to its specially designated nationals and blocked persons list (SDN).

Previous reports indicate that the hacking group was able to take control of four validating nodes belonging to Sky Mavis and one controlled by the Axie decentralized autonomous organization (DAO) through a combination of human error and social engineering to steal a staggering sum of $600 million.

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Featured Image: Shutterstock/issaro prakalung/Salamahin