$620 million stolen from Sky Mavis’ Ronin network

$620 million was stolen from the “secure” Ronin network. Sky Mavis is struggling to get this funding back.
Sky Mavis is facing a crisis.

173,600 Ethereum (approximately $594.6 million) and $25.5 million were stolen from the Ronin network of Sky Mavis, the maker of Axie Infinity. The total value of the stolen assets is approximately $620 million.

The Ronin net was advertised as “secure” until now. After this theft, trust in the Ronin network has been severely broken. If Sky Mavis somehow fails to recoup this $620 million loss, both the company’s resources will be damaged, and trust in blockchain gaming will be severely damaged.

After the theft, several measures were taken. Transactions on the Ronin network have been temporarily suspended. This means that players with money on the Ronin network cannot access their own crypto assets.

The statement made by Sky Mavis officials on the subject is as follows:

“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.”

Blockchain technologies are used to verify the uniqueness of digital assets called NFTs. Ethereum is one of the most comprehensive protocols on this blockchain and is the currency of the crypto-asset of the same name. The scams and thefts on chains that are considered so large and “safe” are the sources of criticism against cryptocurrencies and NFTs. Some still argue that the blockchain is a great “Ponzi” system. Such events also fuel the distrust of NFT and blockchain.

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