Monday, November 28, 2022

Axie Infinity Devs Launch $1M Bug Bounty After Recent Ronin Hack

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Axie Infinity devs launch $1M bug bounty for hackers that can identify the serve vulnerabilities after the Ronin hack as we can see more today in our crypto news.

The Axie Infinity devs Sky Mavis offered a prize of $1m for the hackers that can identify the severe vulnerabilities of the ronin hack. Sky Mavis launched a bug bounty program after the hackers drained $622 million in crypto from the Ethereum sidechain Ronin last month. The developer offers bounties of up to $1 million and can encourage responsible disclosure of security vulnerabilities. The Chief Operating Officer Aleksander Leonard Larsen tweeted:

“Calling all white hats in the blockchain space” tweeted the company’s Chief Operating Officer. Help us keep @Ronin_Network secure while earning a bounty.”

Sky Mavis promised to pay white hats hackers their bounties in the AXS token with a six-month vesting period with the monthly unlocks for fatal bounties. The top bounty of $1,000,000 goes to those that can identify severe issues of those with a strong impact. Sky Mavis offers a bounty of $100,000 for identifying critical smart contracts and blockchain vulnerabilities alongside the bounty of $50,000, $5000, and $1000 for the risks that it deemed high, medium, and low.

In late March, the exploit was used to drain the $622 million in ETH and the USDC stablecoin from the Ronin bridge. The attacker used hacked private keys to sign transactions from five of the nine validator nodes on the Ronin Network including four of the Sky Mavis validators as well. Around $7 million of the hacked funds were sent to the crypto mixing service Tornado Cash. This month, Binance led a $150 million funding round to help reimburse the victims of the Ronin Bridge hack and the team also said that some of the funds will go towards expanding the number of validators from five to 21 in the next three months.

ronin

The aXS price tested a key inflection area which often acted as a strogn support. Axie Infinity sees no buyers and the AXS token dropped by 30% in two weeks after losing $625 million in the hack attack involving the play-to-earn gaming platform’s blockchain, the Ronin Network. The AXS/USD dropped to $46.99 which is the lowest level since March which also signals a dampening buying sentiment among the traders and investors following the attack.

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