Sky Mavis

Profile narrative

Sky Mavis, also known as Ronin Network, is a blockchain technology company that created the Ronin sidechain to support its flagship game Axie Infinity. The Ronin network functions as an Ethereum‑compatible sidechain designed to process high volumes of transactions with low fees. By providing a dedicated bridge between Ethereum and Ronin, the company enables seamless movement of in‑game assets such as Axies, land plots and tokens. Sky Mavis serves a global community of gamers, collectors and decentralized finance participants who engage in the play‑to‑earn economy built around Axie Infinity. The company’s infrastructure is tailored to reduce latency and transaction costs for users who frequently trade or upgrade game‑related assets. Through these services, Sky Mavis positions itself as a specialized provider of gaming‑focused blockchain solutions.

The Ronin Network relies on a limited set of validator nodes that must collectively sign off on withdrawal requests, a design intended to boost throughput while preserving security. On March 23 2022, attackers exploited a gas‑free RPC node vulnerability to gain control of four of the network’s own validators and one third‑party partner validator, thereby obtaining the five signatures needed to authorize fraudulent withdrawals. This breach resulted in the theft of roughly $620 million in Ethereum and USDC tokens from the Ronin bridge, which at the time was the largest known cryptocurrency heist. The compromise remained undetected for nearly a week until a user’s attempted withdrawal failed, prompting an investigation by Sky Mavis. Most of the stolen funds stayed in the attacker’s wallet, although a portion was later moved to various cryptocurrency exchanges. In response, Sky Mavis secured the remaining tokens in the bridge, halted affected services, and engaged law enforcement and forensic experts to trace the assets and support recovery efforts. The incident highlighted both the strengths and risks of the validator‑centric architecture employed by the Ronin sidechain. Headquartered in Singapore, Sky Mavis continues to oversee the development and operation of the Ronin network while maintaining its focus on delivering scalable blockchain infrastructure for the Axie Infinity ecosystem.

Incidents

1 incident linked to this organisation.