A cyberattack on the Ronin network of the Axie Infinity video game causes hundreds of millions in losses in cryptocurrencies.

Ronin Network has issued an alert to its community explaining how a security breach in the blockchain network, which supports the Axie Infinity video game, led to a cyberattack that resulted in the theft of 173,600 Ethereum cryptocurrencies and $25.5 million in USDC.

Specifically, four of Sky Mavis' validation nodes and an Axie DAO third-party validator were found to have been compromised. The company claims that although its blockchain network is decentralised, the attacker discovered a backdoor through its gas-free RPC node.