The Ronin Network and Sky Mavis have decided to enhance their smart contracts. It will offer huge bug bounties, and also boost security, after the $600 million hack occurred last month.
The ETHsidechain which was developed for the NFT game Axie Infinity was the target. The attack for 173,600 ETH and 25.5 million USD Coin, totalling more than $612 million happened at the time.
We have put together a postmortem regarding the Ronin exploit that occurred on March 23rd.
• Why it happened
• What we're doing to make sure this never happens again
• Ronin bridge re-opening updatehttps://t.co/FfwCtCG84E— Ronin (@Ronin_Network) April 27, 2022
The hack run down
The hack was a spear-phishing attempt on a former Sky Mavis employee, the Axie Infinity developers. The bad actor used the employee’s credentials to get access to four validator nodes in the Axie/Ronin ecosystem.
The hacker also utilised the gas-free RPC node to obtain the sign for the Axie DAO validator.
“This stretches back to November 2021, when Sky Mavis asked for help from the Axie DAO to give out free transactions because of increased customer load. The Axie DAO allows listed Sky Mavis to sign certain transactions on its behalf. This was ended in December 2021 but enabled list access was not cancelled,” as per a report.
The Ronin Network
The Ronin Network intends to reopen its bridge by mid to late May, with Binance transactions for Axie users until then. The team is around 80% done updating Ronin bridge smart contracts.
Sky Mavis
Sky Mavis will boost its security measures by enlisting the assistance of “top tier security specialists. Notably, it will greatly increase its node count to aid in the project’s decentralisation. Sky Mavis plans to expand from nine to eleven nodes within three months, bringing the total to 21. Its long-term goal is to have more than 100 nodes.
Sky Mavis will also provide bug bounties of up to $1 million to white hat hackers who discover further flaws.
