After losing $625 million in a major hack, Sky Mavis is offering a bug bounty of up to $1 million

Sky Mavis, the company behind the popular NFT game Axie Infinity, is stepping up its network security measures. The company is giving a bug reward of up to $1 million (approximately Rs. 7.5 crore) to engineers who can find security flaws in its networks. Sky Mavis’ Ronin Network was robbed with $625 million as a result of a massive hacking event (roughly Rs. 4,729 crore). Sky Mavis created the Ronin Network, an Ethereum-linked sidechain designed exclusively for blockchain gaming.

Sky Mavis has asked for the responsible disclosure of security vulnerabilities that may damage the company’s operations and users in a comprehensive blog post.

“We’d like to urge you to desist from automated testing, denial of service, spamming, spoofing, and phishing while we do our investigation.” The bug bounty program’s policy section said that “performing additional attacks after you have evidence of Remote Control Execution (RCE) assaults may result in your rewards being forfeited.”

Axie Infinity’s native token AXS will be used to pay out the incentives. Each AXS is presently valued at $48 on CoinMarketCap (roughly Rs. 3,673).

“Only vulnerabilities that have a functional proof of concept demonstrating how they may be exploited will be considered for monetary incentives.” Sky Mavis’ discretion is used in determining if a reported problem fits the criteria for monetary prizes,” the site noted.

Sky Mavis identified the hack assault on the Ronin Network on March 23, resulting in the largest-ever loot recovered from a blockchain breach.

Sky Mavis’s four Ronin validators, as well as a third-party validator managed by Axie DAO, had been compromised by the attacker (decentralised autonomous organisation).

In this scenario, a legal inquiry is ongoing.

Meanwhile, Sky Mavis just secured $150 million (approximately Rs. 1,142 crore) in a fundraising round headed by cryptocurrency exchange Binance. The money will be utilized to compensate Ronin attack victims.

According to a survey released in January by blockchain research company CertiK, cyber thieves stole over $1.3 billion (approximately Rs. 9,606 crore) from the blockchain business last year.

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