Animoca Brands’ popular game Benji Bananas announced on July 17, 2023, the launch of a new token, BENJI, which will replace the existing PRIMATE token. The decision came after a security breach months ago led to the theft of approximately 30 million PRIMATE tokens, accounting for 20% of the tokens in circulation.
The new BENJI token aims to ensure the future of the Benji ecosystem is built on a solid foundation. The tokenomics, total number of tokens, and circulation will remain the same as the existing amounts of the PRIMATE token. The BENJI token will be used in future Play-and-Earn (P&E) events and the broader Benji Bananas ecosystem.
The swap from PRIMATE to BENJI will be available on the Benji Bananas website soon. PRIMATE holders are advised to swap their tokens for BENJI at a 1:1 ratio. The amount available for swap is determined by the amount at the snapshot and the amount currently held in the wallet.
The BENJI token is expected to be listed on Huobi on or before July 31, 2023.
This development comes in the wake of increasing security concerns in the crypto gaming industry. A report by blockchain cybersecurity auditor Hacken warned that play-to-earn (P2E) crypto games often put profits above security, leaving them vulnerable to hacking attacks. The report highlighted that out of 31 GameFi tokens studied, none received the top security ranking AAA while 16 received the worst D score.
In March 2022 Axie Infinity, a popular P2E game, suffered a significant security breach , resulting in a loss of over $600 million in tokens. The U.S. government, with the help of crypto analytics firm Chainalysis, recovered about $30 million of the stolen funds.
The Benji Bananas ecosystem launching a new token underscores the importance of robust security measures in the crypto gaming industry again.
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