Ronin, the blockchain that underpins the famous crypto game Axie Infinity, has had $625 million in cryptocurrency stolen. Sky Mavis, the CEO of Ronin and Axie Infinity, announced the hack on Tuesday and halted all transactions on the Ronin bridge, which allows users to deposit and withdraw funds from the company’s blockchain.
Sky Mavis claims it’s collaborating with law authorities to recover 173,600 Ethereum (now valued at over $600 million) and 25.5 million USDC (a cryptocurrency tied to the US dollar) from the perpetrator, who removed the funds off the network on March 23rd. The hack targeted Sky Mavis’ Ronin network, which acts as a middleman between Axie Infinity and other cryptocurrency blockchains such as Ethereum. Users could deposit Ethereum or USDC into Ronin, then buy non-fungible tokens or in-game currency, or sell their in-game assets and withdraw the funds.