Sky Mavis’ Ronin Network Bridge Exploited for Over $625M

Services have been halted on the Ronin Bridge and Katana DEX


Blockworks exclusive art by axel Rangel


key takeaways

  • Exploiters used hacked private keys to forge fake withdrawals on March 23
  • “We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” Ronin Network said in a statement

Ronin Network, an Ethereum-linked sidechain used for blockchain game Axie Infinity, was breached. Hackers exploited the network for roughly $625 million, or 173,600 ether and 25.5 million USDC, according to a Tuesday statement.

Exploiters, per the network’s post, used hacked private keys to forge withdrawals on March 23. The breach, however, wasn’t discovered until Tuesday, when a user was unable to withdraw 5,000 ETH.

Ethereum and USDC deposits on Ronin have been drained from its bridge contract. Users, as of now, are unable to withdraw or deposit funds. The Ronin Bridge and Katana DEX, as a result, have been halted.

“Sky Mavis’ Ronin chain currently consists of 9 validator nodes. In order to recognize a Deposit event or a Withdrawal event, five out of the nine validator signatures are needed,” the blogpost said. “The attacker managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO.”

Loading Tweet..

Sky Mavis, the creator of Axie Infinity, said it is “committed to ensuring that all of the drained funds are recovered or reimbursed.”

“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed,” the network said in a tweet. 

Most of the stolen ETH remains in the attacker’s wallet, but 6,250 ETH (about $21 million) has been transferred out, including hundreds of ETH sent to the FTX Exchange.

All $25.5 million in USDC has been transferred out to various wallets and DeFi protocols, according to Etherscan.

RON, the native token of the Ronin Network, is down 23% on the news, according to CoinMarketCap.

This is a developing story and may be updated as new information becomes available.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png


With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


The distributed cell plan provider started selling its own hotspots in October 2023


The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals


The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s


Plus, it’s beginning to look like we may be in for a cruel summer



Engaging with XDC provides access to cutting-edge financial tools and places investors at the forefront of the trade finance revolution


Plus, an update on spot ETH ETFs and what’s on this week’s economic calendar