Background In January 2014 over seven thousand EVE Online players engaged in a 21-h battle that came to be known as the Battle of B-R5RB, in which an estimated $330,000 of virtual property was destroyed, calculated in real U.S. dollars as measured by time. Aim To discern why players were willing to commit time and resources to fight in a large-scale virtual battle, which in turn informs how players perceive risk and develop large-scale emergent political structures. Method Drawing from multiple case history and journalism reports on the Battle of B-R5RB, the author combines the inductive ideographic case study approach and process tracing method to uncover key causal mechanisms. Results The author inductively theorizes that the Battle of B-R5RB resulted from the Null-Sec’s anarchic structure, player commitment to their respective Corporations, measurable economic value, and risk associated with permanent loss. These mechanisms closely align with the offensive realism and anarchy. Discussion and conclusion The Battle of B-R5B is a relevant example of real-world emergent political behavior developing in a virtual world setting. Analysis of this single battle suggests that players are willing to project actual value onto virtual assets. Perception of value is magnified in virtual worlds lacking overt governance or security structures. Players must form groups to mitigate risk, and the greater the risk, the greater the commitment to the group.