Sky Mavis, the developer studio of the popular NFT game, Axie Infinity, is ramping up efforts to make its network more secure. The firm has offered developers up to $1 million (approximately Rs 7.5 crore) as a bug bounty. Developers who identify security flaws in the firm’s network will be given this amount. The move comes after a major incident in which hackers siphoned off $625 million (approximately Rs 4,729 crore) from Sky Mavis’ Ronin network. Ronin Network is an Ethereum-linked sidechain. It is developed by Sky Mavis specifically for blockchain gaming.
Our blog In the U.S. Sky Mavis has asked for security flaws to be uncovered. Such flaws that can affect its users and users. The special thing is that the rewards will be paid in the form of AXS, the native token of Axie Infinity. CoinMarketCap’s according At present, the price of each AXS is $48 (approximately Rs.3,673).
On March 23, Sky Mavis discovered a hack on the Ronin network. Because of this, the Ronin network suffered a lot. This is said to be the biggest robbery ever done through a blockchain hack.
The attacker had broken control of four validators from Sky Mavis and a third party validator run by Axi DAO (Decentralized Autonomous Organization). In this way he broke into the blockchain and carried out the robbery. Legal investigation is going on in this matter.
Meanwhile, Sky Mavis has raised $150 million (about Rs 1,142 crore) in a recent funding round led by crypto exchange Binance. The money will be used to pay compensation to the victims of the Ronin attack.
Blockchain research firm CertiK statistics If you look at it, cybercriminals had stolen more than $ 1.3 billion (about Rs 9,606 crore) last year by hacking the blockchain sector. After the increasing use of cryptocurrencies and blockchain, this sector is also the target of cyber criminals. In the last one year, there have been many such incidents when big institutions and people have suffered in cyber attacks.