Ronin Network

Ronin Network receives a C risk grade (46/100) from Hindenrank, where lower scores indicate lower risk. Ronin has a legitimate gaming niche but carries one of the worst hack records in crypto history. The $625M 2022 exploit was not a smart contract bug — it was a human compromise of the validator key infrastructure that remains structurally possible today. Sky Mavis has made improvements but the fundamental attack surface (concentrated validator keys + known threat actor with demonstrated intent) has not been eliminated. Treat Ronin bridge exposure as carrying material residual hack risk. Ronin Network is a gaming-focused Ethereum sidechain built by Sky Mavis for Axie Infinity — one of the most successful blockchain games ever. In March 2022, Ronin suffered the $625M bridge hack (one of crypto's largest exploits ever), which North Korea's Lazarus Group executed by compromising validator keys through social engineering. Sky Mavis recovered most funds and rebuilt the bridge with improved security. Today Ronin hosts an ecosystem of gaming applications beyond Axie Infinity, with about $150M TVL. The RON token has a $1.2B FDV.

The key risks identified for Ronin Network are: (1) Had the largest bridge hack in DeFi history ($625M) — the attack vector (validator key compromise via social engineering) is technically still possible (2) Gaming ecosystem activity has declined sharply from 2021 peaks, reducing the economic foundation underpinning RON's value (3) Sky Mavis retains significant centralized control over validator composition and chain governance (4) North Korean Lazarus Group has demonstrated specific intent to target Ronin and Sky Mavis

Ronin Network scores 46/100 across eight risk dimensions: Mechanism Novelty: 4/15, Interaction Severity: 8/20, Oracle Surface: 4/10, Documentation Gaps: 2/10, Track Record: 13/15, Scale Exposure: 7/10, Regulatory Risk: 2/10, Vitality Risk: 6/10. The highest risk area is Track Record at 13/15.

Among 56 rated L1 protocols on Hindenrank, Ronin Network ranks #47 by safety (lowest risk score = safest). Its 46/100 risk score and C grade place it among the riskier L1 protocols.

Ronin Network scores 13/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.