Axie Infinity's Ronin Sidechain Suffers $625 Million Hack

Ronin, an Ethereum-linked sidechain developed by Axie Infinity creator Sky Mavis, has confirmed a major security breach in a recent blog post.

The project lost roughly $625 million (173,600 Ethereum tokens and 25.5 million USDC tokens) after Sky Mavis’s Ronin validator nodes, as well as Axie DAO validator nodes, were compromised and drained by a malicious actor last week.

This could be the largest decentralized finance hack in history, topping the $611 Poly Network heist that took place last August.

The Ronin hacker was able to create fake transactions with the help of compromised private keys.

While Poly Network managed to retrieve virtually all of the stolen funds, it remains to be seen how Ronin will handle the historic hacking incident. The address associated with the attacker remains in control of the vast majority of the stolen crypto.