Sky Mavis, the studio behind the popular NFT game Axie Infinity, is stepping up efforts to secure its network. The company is offering up to $1 million (approximately Rs 750 crore) as a bug bounty to developers who can identify security holes in its network. This followed a major hack that cost Sky Mavis’ Ronin Network $625 million (approximately Rs 47.29 crore). Ronin Network is an Ethereum-related sidechain specially created by Sky Mavis for blockchain games.
In a detailed blog post, Sky Mavis called for the responsible disclosure of security breaches that could affect its work and users.
“While conducting research, we would like you to refrain from automated testing, denial of service, spam, spoofing and phishing. Once you have evidence of a Remote Control Execution (RCE) attack, executing further attacks may result in your bounty being compromised Forfeited,” reads the policy section of the bug bounty program.
Rewards will be paid in the form of Axie Infinity’s native token, AXS. According to CoinMarketCap, each AXS is currently priced at $48 (approximately Rs 3,673).
“Only bugs with a working proof of concept are considered eligible for a monetary award. It is at Sky Mavis’ sole discretion whether a reported issue is sufficient to qualify for a monetary award,” the blog added.
On March 23, Sky Mavis discovered the hack of the Ronin network, the largest ever loot ever extracted from a blockchain hack.
Attackers have compromised control of Sky Mavis’ four Ronin validators and a third-party validator run by the Axie DAO (Decentralized Autonomous Organization).
The case is under legal investigation.
Meanwhile, Sky Mavis has raised $150 million (approximately Rs 11.42 crore) in a funding round led by cryptocurrency exchange Binance. The funds will be used to compensate victims of Ronin’s attack.
2/ While striving for mainstream adoption, we made some tradeoffs that ultimately made us vulnerable.
This is a lesson we have learned from hardship. This lesson will guide us on how to build Ronin going forward. We are confident that we will emerge stronger and wiser from it.
— Axie Infinity:bat::loud_sound: (@AxieInfinity) April 6, 2022
Overall, cybercriminals stole more than $1.3 billion (approximately Rs 9,606 crore) from hacking attacks on the blockchain space last year, blockchain research firm CertiK said in a January report.