// startup autopsy
Sky Mavis / Ronin Network
Axie Infinity's blockchain bridge was hacked for $625M — the largest crypto theft in history — and the play-to-earn model never recovered.
security failureSudden Collapse
Unexpected shutdown within weeks of a trigger · Fatal mistake: Security Failure
// the model, blind
Evaluating only Sky Mavis / Ronin Network’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Security failure.
Key Events Timeline
FOUNDING
Sky Mavis / Ronin Network founded
FUNDING
Sky Mavis raises $162M Series B from Andreessen Horowitz at peak valuation; Axie Infinity reaches 2.5M daily active users
FRAUD EXPOSURE
Ronin Bridge suffers $625M hack by North Korean Lazarus Group; compromised validator keys expose Ethereum and USDC holdings in largest crypto heist
DOWN ROUND
Axie Infinity token (AXS) collapses 97%+ from peak; user trust erodes as play-to-earn model viability questioned despite $625M user reimbursement
LAYOFF
Daily active users plummet from 2.5M to under 50K; massive player exodus follows security breach and loss of confidence in platform security
SHUTDOWN
Sudden Collapse: Sky Mavis / Ronin Network ceases operations