In what could be considered the biggest heist not just in the P2E gaming space but in the entire cryptocurrency sector, Sky Mavis lost over $600 million worth of assets after unidentified hackers exploited certain vulnerabilities in the Ronin system on March 29, Tuesday.
At the time of writing:
Here is what Sky Mavis has to say regarding the incident:
“As we’ve witnessed, Ronin is not immune to exploitation and this attack has reinforced the importance of prioritizing security, remaining vigilant, and mitigating all threats. We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks.”
Finally, here’s their update regarding the current status of the Ronin network:
“As of right now users are unable to withdraw or deposit funds to Ronin Network (sic). Sky Mavis is committed to ensuring that all of the drained funds are recovered or reimbursed.”
173,600 Ethereum and 25.5M USDC… They’re huge numbers, especially if you put them together in context: $625 million.
With that money, a person could buy one of the following:
That’s the sheer amount of money we’re talking about here. Nevertheless, there’s a lot of confidence that the company could easily come back from this unfortunate set of events.
To give a rough idea of how big Sky Mavis is: the company earns an estimated $5 million per day on its worst days, according to Naavik. And back in October 2021, its value was already tethering at over $3 billion.
The markets have reacted to the news, and RON’s value plummeted in the past 24 hours since the announcement.
Sky Mavis will reimburse all affected holders in the aftermath of the hack, .
In addition, as the company stated in its release, it will implement more stringent security measures for its assets. After all, A blow to Axie Infinity will also affect the overall global P2E ecosystem.
Let’s just hope that Sky Mavis and the P2E gaming ecosystem come back stronger from this setback!