Hackers Steal $620 Million in Massive Gaming Crypto Heist The attack exploited a weakness in the blockchain that runs the popular NFT game 'Axie Infinity.'

By Entrepreneur Staff Edited by Amanda Breen Mar 30, 2022

The Ronin Network, a blockchain system that runs the massive NFT game Axie Infinity, announced in a blog post that hackers stole about $625 million worth of funds.

In a message to its community, Ronin officials wrote in part:

"There has been a security breach on the Ronin Network. Earlier today, we discovered that on March 23rd, Sky Mavis's Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions."

Hackers are believed to have exploited a security weakness in the Ronin bridge, which is software that allows users to convert tokens into ones that can be used on other blockchains. The stolen funds are fully on display in the hacker's wallet.

The Ronin Network says it is working with law enforcement officials, forensic cryptographers and internal investors to protect user funds. They report, "All of the AXS, RON, and SLP on Ronin are safe right now," and went on to explain that at the moment, users will be unable to withdraw or deposit funds to Ronin Network.

Axie Infinity is an incredibly popular NFT-based game that has generated $1.3 billion in the 12 months through February, reports Bloomberg. Communicating to Bloomberg via text, Aleksander Leonard Larsen, chief operating officer of the gaming studio Sky Mavis, explained, "We are fully committed to reimbursing our players as soon as possible." He added, "We're still working on a solution, that is an ongoing discussion."

Crypto heists are nothing new. Chainalysis reports that in 2021, hackers stole $3.2 billion in cryptocurrency from investors. This Ronin heist is the largest of 2022, displacing a $325 million theft through the Wormhole bridge in February.

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Most Popular

See all

Data & Recovery

Invest in Your Company's Cybersecurity with This $50 Bundle

Train to become a certified ethical hacker with this collection of e-learning courses.

By Entrepreneur Store

Business Culture

Are 5-Day Workweeks Outdated? Exploring Alternative Schedules for the Modern Workforce

Discussing the history and evolution of the five-day workweek and exploring more flexible work schedules that better accommodate the diverse needs and lifestyles of today's workforce.

By Adam Markel

Growing a Business

3 Strategies to Keep Your Customers Coming Back For More

The critical risk area for losing a guest varies, depending on the industry and the individual guest's experience, but three main touch points offer opportunities to reinforce loyalty. Just remember that they can also drive guests away if not done right.

By Dave Ragosa

Starting a Business

Maximize Profits and Achieve Success With These Effective Goal Setting Tips

Join us for this exclusive subscriber Q&A, where Clinton Sparks shares his goal-setting secrets for all entrepreneurs.

By Entrepreneur Staff

Business Culture

Hybrid Work Is Failing Your Employees — Here's Why (and What You Can Do About It)

Business leaders are trying to choose between in-person and remote work. This leads to hybrid, which just isn't effective. Here's why.

By David Nilssen

Growing a Business

How to Properly Manage the Cash Flow of Your Startup

Ever think financial planning and analysis is just for big businesses? Think again! Startups thrive on solid financial planning, which is key to staying ahead of your competitors.

By Nick Chandi