Axie Infinity announces $1M bug bounty to advance Ronin Network security

TL;DR Breakdown

• Axie Infinity’s Sky Mavis has launched a $1 million Bounty bug to advance the security of its products, including Ronin Network.
• Ronin Network hackers are still moving funds

In the wake of the Ronin Hack, which saw over $600 million stolen, the team behind Axie Infinity has announced a $1 million bounty bug to help advance the security of their products. The Sky Mavis team, the creators of the flagship GameFi project Axie Infinity, unveiled the new program for top white-hat hackers.

Axie Infinity beefs up security

Sky Mavis software development studio’s co-founder, and COO, Aleksander Leonard Larsen, disclosed that the company’s multi-directional bug bounty plan is aimed at enhancing the security of its products, Axie Infinity and Ronin Network.

In a tweet, Larsen invited all the smart contract security experts and white-hat hackers to join the program initiated by the Sky Marvis team.

Mr. Larsen attached a list of products to be subjected to excessive stress testing. The products included are games, wallets, extensions, and Ronin Network. He also said that the more significant the finding, the higher the reward. Sky Mavis’s leading product and marketplace, browser extensions, desktop, and mobile applications, and a native wallet are all included.

Technical flaws, EVM bugs, economic assaults, scaling vulnerabilities, and various malicious interventions are all on the list of prioritized vulnerabilities. Web or app flaws earn anywhere from $50 to $15,000 in rewards, while on-chain vulnerabilities can be rewarded with a record-breaking bounty of $1,000,000 paid out in AXS, the native token of Axie Infinity.

A statement from Sky Marvis has been published in the last few days regarding the loss of money that occurred on Ronin several weeks ago. The firm announced an effort to inform users that they would be reimbursed through the $150 million raised.

The hack on Ronin Network (RON)

Earlier this month, Ronin Network was hacked and about $650 million in cryptocurrency was stolen. The hackers were able to gain access to the platform’s seed phrase, allowing them to make off with over 173000 Ethereum.

The Ronin Platform is a decentralized exchange (DEX) that allows users to trade directly with one another without needing a third party. The hack occurred when a user took advantage of an exploit in the platform’s smart contract code to siphon off the Ethereum into their wallet. The Ronin team has since then been working on a fix for the issue and has also implemented a number of security measures to prevent such an attack from happening again in the future. The team is also in the process of refunding all the users who lost their Ethereum in the hack.

The Sky Mavis bug bounty campaign organizers also ask participants to avoid spamming, phishing, social engineering, DDoS assaults, and physical attacks on Sky Mavis property or data centers in response to the breach. The products that will be tested include games, wallets, extensions, and Ronin Network. The more significant the finding, the higher the reward would be. The bounty is open to all security researchers and white-hat hackers.