Share this article
Axie Infinity’s Ronin Network Suffers $625M Exploit
It may be the largest exploit in DeFi history.
Updated May 11, 2023, 4:47 p.m. Published Mar 29, 2022, 3:55 p.m.
Make us preferred on Google
In this article
The latest crypto hack may be the largest yet.
The gaming-focused Ronin network announced Tuesday a loss of over $625 million in USDC and ether .
STORY CONTINUES BELOW
Huwag palampasin ang isa pang kuwento.Mag-subscribe sa The Protocol Newsletter ngayon. Tingnan lahat ng newsletter
According to a blog post published by the Ronin network’s official Substack, the exploit affected Ronin validator nodes for Sky Mavis, the publishers of the popular Axie Infinity game, and the Axie DAO.
UPDATE (March 30, 13:23 UTC): Ronin Hacker Unlikely to Cash Out ‘GDP-Sized’ Haul, Experts Say
An attacker “used hacked private keys in order to forge fake withdrawals” from the Ronin bridge across two transactions, as seen on Etherscan.
While the Ronin sidechain has nine validators requiring five signatures for withdrawals and is meant to protect against these types of attacks, the blog post notes that “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”
The blog post pegged the losses at 173,600 ether and 25.5 million in USDC, currently worth in excess of $625 million.
Back in August 2021, a hacker made off with $611 million in an exploit of cross-chain decentralized finance (DeFi) protocol Poly Network. The vast majority of the funds were returned.
The Ronin attacker’s Ethereum address is a fresh address that transferred ETH in from the Binance exchange one week ago. Etherscan records show that the attack took place last Wednesday.
The majority of the funds remain in the attacker’s address, though 6,250 ETH has been transferred to various other addresses.
The Ronin Bridge and the Katana automated market maker (AMM) have both been paused while investigations are ongoing.
“We are working directly with various government agencies to ensure the criminals get brought to justice,” the blog notes.
The price of RON, the native token of the Ronin network, is down 27% on the news, according to CoinGecko.
UPDATE (March 29, 16:20 UTC): Adds price of RON.
More from CoinDesk on Axie Infinity and Ronin Network
Binance Suspends Deposits and Withdrawals on Ronin Network After Hack
Gaming-focused Ronin on Tuesday disclosed a loss of more than $625 million in USDC and ether.
Axie Infinity Reduces SLP Emissions to Prevent 'Collapse'
Concerns around emissions of an in-game token caused falling user numbers and a drastic plunge in SLP prices.
Axie Infinity Founder Sky Mavis Launches RON Governance Token
The token was trading around $3.75 after launching.
Higit pang Para sa Iyo
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Higit pang Para sa Iyo
Deus X CEO Tim Grant: We aren't replacing finance; we're integrating it
The Deus X CEO discussed his journey into digital assets, the company's infrastructure-led growth strategy, and why his Consensus Hong Kong panel promises "real talk only."
Ano ang dapat malaman:
- Tim Grant entered crypto in 2015 after early exposure to Ripple and Coinbase, drawn by blockchain’s ability to improve traditional finance rather than replace it.
- Deus X combines investing and operating to build regulated digital finance infrastructure across payments, prime services, and institutional DeFi.
- Grant will be speaking at Consensus Hong Kong in February.
Top Stories
