USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MRU

MUR

MVR

MWK

MVR

MWK

MXN

MYR

MXN

MYR

MZN

NAD

MZN

NAD

NGN

NIO

NGN

NIO

NOK

NPR

NOK

NPR

NZD

OMR

NZD

OMR

PAB

PEN

PAB

PEN

PGK

PHP

PGK

PHP

PKR

PLN

PKR

PLN

PYG

QAR

PYG

QAR

RON

RSD

RON

RSD

RUB

RWF

RUB

RWF

SAR

SBD

SAR

SBD

SCR

SDG

SCR

SDG

SEK

SGD

SEK

SGD

SHP

SLL

SHP

SLL

SRD

SSP

SRD

SSP

STD

STN

STD

STN

SVC

SYP

SVC

SYP

SZL

THB

SZL

THB

TJS

TMT

TJS

TMT

TND

TOP

TND

TOP

TRY

TTD

TRY

TTD

TWD

TZS

TWD

TZS

UAH

UGX

UAH

UGX

UYU

UZS

UYU

UZS

VES

VND

VES

VND

VUV

WST

VUV

WST

ZAR

ZMW

ZAR

ZMW

ZWL

newsbtc 2022-04-13 06:19:23

The Ronin Hack Aftermatch: Axie Infinity’s $1M Bug Bounty

The popular blockchain game Axie Infinity has been left shaking after the $650 million Ronin bridge hack. The studio behind the game, Sky Mavis, has been taking multiple measures to try to secure the network and win back the confidence of users. The latest move announced is a $1 million bug bounty program that invites white hat hackers to stress test the blockchain. Co-Founder and COO of Sky Mavis and Axie announced: “Calling all whitehats in the blockchain space. The Sky Mavis Bug Bounty program is here. Help us keep the Ronin Network secure while earning a bounty up to $1,000,000 in bounty for fatal bugs.” The Ronin Hack On March 23rd, a hacker was able to scoop $600 million from the Ronin bridge. It is the largest hack in the history of decentralized finances so far. The Ronin Network team confirmed that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised as the attacker used “hacked private keys in order to forge fake withdrawals.” The attack was uncovered after the attacker was unable to withdraw 5k ETH from the bridge. But it was too late, as they had already drained 173,600 Ethereum and 25.5M USDC from the Ronin bridge in two transactions. The Ronin team stated that they are working with law enforcement officials, forensic cryptographers, and investors “to make sure all funds are recovered or reimbursed,” and added that “All of the AXS, RON, and SLP on Ronin are safe right now.” “While racing for mainstream adoption, we made some trade-offs that ended up leaving us vulnerable to this sort of attack. It’s a lesson that we’ve learned the hard way. A lesson that will guide how we build Ronin out moving forward. We’re confident that we will come out stronger and wiser from this.” As a response, the Sky Mavis team raised $150 million led by crypto exchange Binance with participation from Animoca Brands, a16z, Dialectic, Paradigm, with the goal to reimburse all the funds stolen during the hack to the affected users. Since then, the team has been working with Chainalysis and Crowdstrike “to monitor the stolen funds” and “to handle forensics and the setup of surveillance tools.” Bridges can be a vulnerable point for blockchain projects, and this hack set a big warning about it. Bridges connect blockchains with the purpose of enabling transactions between tokens built on different ecosystems. However, bridges have a complex code and don’t have enough security standards yet, and hackers are gazing upon them to spot any vulnerability. Related Reading | Hacker Scoops Up $2 Million Bounty After Spotting Fatal Flaw In Ethereum Rollup $1M Bounty Bridges can be so complex that it is not 100% clear if code auditing is enough to ensure the Ronin bridge’s safety. The Ronin team had stated that they are in the process of “implementing rigorous internal security measures to prevent future attacks.” “The Ronin Network bridge will open once it has undergone a security upgrade and several audits, which can take several weeks.” Now, they are calling in all white-hat hackers of the blockchain to search for vulnerabilities in exchange for a handsome reward. The team has given a list of products that should be stress-tested while prioritizing smart contracts and blockchain, websites, and apps. They noted that the only vulnerabilities that are considered eligible for monetary rewards are those with a working proof of concept that shows how they can be exploited. Rewards for Smart Contracts and Blockchain vary from $1,000 to $1,000,000, and for Web and Apps, they vary from $50 to $15,000. All rewards will be paid in AXS tokens and only a specified portion of the received funds can be liquidated per month. “It is possible that extraordinarily severe issues or those with extreme impact may be rewarded up to $1,000,000″ the announcement stated and added that “Sky Mavis may award an additional reward bonus for exceptional reports.· Axie Infinity (AXS) Price For the past weeks, Axie Infinity’s token AXS has been tumbling, falling around 30% after the hack. However, traders are watching out for a breakout above the key resistance level of $58 as the current zone has previously served for accumulation, which could mean a rebound for AXS. However, there also seems to be a risk to trigger a head-and-shoulders pattern, which could sink AXS further down. The token is down 0.09% in the last 24 hours. Related Reading | Axie Infinity Smooth Love Potion (SLP) Explodes With 300% Gain This February

Related News

DOGE, PEPE & BUDZ: Dogecoin Investment Tips As PEP...
16 Apr 2024
Top Trader Diverts From Trading Polygon (MATIC) Du...
16 Apr 2024
Dogecoin Insider Notes: DOGE Prices Falls As New D...
16 Apr 2024
Bitcoin Price Analysis: BTC Price May Experience a...
16 Apr 2024
SHIB Community Burns Record 774M Tokens: How Will...
16 Apr 2024
Are The Top Meme Coins Going Back in Hibernation?
16 Apr 2024

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

The Ronin Hack Aftermatch: Axie Infinity’s $1M Bug Bounty

Most Read News

Related News