Popular blockchain game Axie Infinity suffers a $625 million exploit, possibly the largest in defi history

One of the most popular play-to-earn games, Axie Infinity, suffered an enormous hack to the Ronin network on which it runs. The project announced that a majority of Ronin validator nodes had been compromised—four belonging to the Sky Mavis company that builds Axie Infinity, and one belonging to the Axie DAO. After gaining control of the validators, they were able to approve malicious withdrawals of 173,600 ETH (about $600 million) and 25.5M USDC (a stablecoin, worth $25.5M). The $625 million loss was possibly the largest to date in the history of defi projects.

Sky Mavis announced that they had halted the Ronin Bridge and Katana DEX, and were making changes to their network to try to guard against future attacks. They also wrote that they were "working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed".