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 Dan Bova Edited by Amanda Breen

Yuichiro Chino | Getty Images

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."

Related: 5 Ways to Protect Your Company From Cybercrime

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.
Dan Bova

Entrepreneur Staff

VP of Special Projects

Dan Bova is the VP of Special Projects at Entrepreneur.com. He previously worked at Jimmy Kimmel Live, Maxim, and Spy magazine. His latest books for kids include This Day in History, Car and Driver's Trivia ZoneRoad & Track Crew's Big & Fast Cars, The Big Little Book of Awesome Stuff, and Wendell the Werewolf

Read his humor column This Should Be Fun if you want to feel better about yourself.

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

Growing a Business

7 AI Tools That Help You Build a One-Person Business — and Make Money While You Sleep

Who needs a team? These seven AI tools let you automate everything, scale like a beast and reclaim your time.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Making a Change

Develop a Lifetime of New Skills for Only $20

Get access to 1,000+ courses in a wide variety of subjects, from beginner to advanced levels, with new courses added every month.

Money & Finance

Make Money on Autopilot With These 5 Smart Passive Income Ideas

Five innovative ways to earn money even when you're sleeping.

Devices

Boost Productivity With This Adjustable Stand With Port Hub for Just $100

You'll be amazed at how much more comfortable and productive you can be with this attractive, lightweight stand and its eight connected ports.