Hackers steal $600 million from the Ronin Network

If you are into the world of cryptocurrencies and NFTs, you are probably familiar with one of the longest running NFT games, Axie Infinity. A game that has been surviving for more than 3 years in one of the most voracious markets in history.

Unlike other games, this one has its own network in which the game's currencies, the AXS and the SLP, are handled. This network is known as the Ronin Network and has been the victim of one of the biggest hacks in the history of cryptocurrencies. From this network, a group of cybercriminals has stolen more than 600 million dollars.

What is the Ronin Network?

The Ronin Network is a network owned by Sky Mavis, the company in charge of the development of Axie Infinity. This network runs on top of the Ethereum network, which is why network commissions are handled in this currency.

Although it is on the Ethereum network, the truth is that Sky Mavis is responsible for the operation of this network and its security.

However, recently a group of hackers breached the security of the network and managed to get hold of a large amount of cryptocurrencies.

One of the biggest robberies in history

As announced by the company itself, a few days ago they discovered the security breach. But this was only by chance, as when they tried to withdraw Ethers they realized that a large amount of it was missing.

The cybercriminals were able to seize 173,600 ethers which at the time of writing this note are valued at 587.63 million dollars. Additionally, the hackers also managed to mine $25.5 million worth of stablecoins.

The total loot at this time is about $613.13 million, making it one of the largest heists in cryptocurrency history.

As it turns out, most of those funds are still in the thief's wallet. It is not known exactly how the hacker was able to withdraw this amount of money without anyone noticing. However, the company assured that they are investigating what happened.

Similarly, the company assured that it is working with the authorities, cryptographers and other collaborators in order to try to recover the money or at least as much as possible.

How can this affect the economy of the game?

The world of cryptocurrencies and NFTs is driven by trust, if investor confidence runs out, a strong currency can go under. Obviously, this is a serious blow, both for the game and for all the people who have invested their money.

At the moment, there have been no big changes in the price of the coins, the SLP and the AXS (despite the fact that their price fell by 6%). However, in the event that all that money ends up really being lost, it can put the entire economy of the game in jeopardy.

It only remains to wait to find out what will happen with this robbery and what will be the repercussions that this will have on the internal economy of Axie Infinity. If you are an investor in the game, for the moment it is important to remain calm and be aware of how events unfold.