Hackers have stolen over $625 million in Ethereum and USD Coin from the Ronin blockchain network in what is being referred to as one of the largest cryptocurrency heists in history.
The NFT gaming-focused @Ronin_Network announced today a loss of over $625M in USDC & ETH, making it the largest-ever DeFi exploit. We can confirm Chainalysis is tracking the funds on their behalf. https://t.co/4aE5fraZB5
— Chainalysis (@chainalysis) March 29, 2022
FOX Business provides a roundup of everything you need to know about the hack.
What is Ronin?
Ronin is a blockchain project used by the popular, non-fungible token (NFT)-based online game Axie Infinity, developed by publisher Sky Mavis. The Ronin network allows players to store cryptocurrency in a digital wallet and transfer it in and out of the game using what is known as a “bridge”.
Axie Infinity, which has 2.8 million daily active players, allows users to earn money by collecting, trading and playing with virtual creatures called Axies. Players have traded approximately $3.6 billion on its in-house marketplace prior to the hack.