Hackers stole more than $600 million or R8.7 billion worth of digital ledger used by players of the popular online game Axie Infinity, making it one of the largest thefts ever in the crypto world.

Ronin Network revealed in its newsletter that hackers targeting its blockchain netted 173,600 ether and $25.5 million worth of stablecoin.

The Ronin bridge and Katana Dex have been halted, said the company, after it was discovered on March 23rd, Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes had been compromised.

The attacker used hacked private keys in order to forge fake withdrawals.

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now,” said Ronin in its newsletter.

“We are in the process of discussing with Axie Infinity / Sky Mavis stakeholders about how to best move forward and ensure no users’ funds are lost. ”

Sky Mavis is here for the long term and will continue to build, said Ronin.

What is Axie Infinity? The Play-to-Earn NFT Game Taking Crypto By Storm

In brief

Axie Infinity is a blockchain-based game in which players purchase NFTs of cute monsters and then pit them against each other in battles.
Players can earn SLP tokens during gameplay and trade them for money at an exchange.
A “play-to-earn” movement has emerged around the game, with players joining scholarship programs and academies.

Non-fungible token (NFT) crypto collectibles like artwork and videos exploded in popularity in early 2021, but several blockchain-based video games had already been building in the space before most people took notice.

When NFTs hit the mainstream, the promising crypto game Axie Infinity by indie studio Sky Mavis took off. And when the wider NFT market cooled a bit after all of that hype… well, Axie Infinity got even bigger.