The $600 Million Hack of Axie Infinity's Ronin

Ronin, the blockchain for NFT game Axie Infinity, was the recent victim of a hacking incident that stole $600 Million worth of cryptocurrency.

The $600 Million Hack of Axie Infinity's Ronin
Source: Yuriko Nakao | Getty Images

Axie Infinity is one of the most popular Play-to-Earn NFT games and is built on the Ronin blockchain. Last week, Sky Mavis (the company behind Axie Infinity) announced that Ronin was hacked for more than $600 Million worth of cryptocurrency. An attacker used hacked private keys to steal 173,600 Ethereum and 25.5 Million USDC, worth roughly $600 Million.

This incident is now one of the biggest hacks in crypto history. The price of Ronin's $RON governance tokens has also fallen dramatically since the hack. Sometimes people are able to trace the source of attacks, and the Ronin team is currently reaching out to security and analytics companies to hopefully track down the hackers. Last year, a $600 Million hack of the Polygon sidechain was partially resolved when the majority of the funds were eventually returned.

While these hacks are generally rare, each time major crimes occur the overall industry worries a bit more. And for players of Axie Infinity, they may start questioning the security of their assets and potentially look elsewhere for NFT gaming. Axie Infinity has been arguably the most successful NFT game over the last year, which makes this hack a threat to the company's success.