Sky offers up to $1 million in bug bounties after losing Mavis

Studio Sky Mavis, the developer of the popular NFT game Axie Infinity, is ramping up efforts to secure its network. The firm is offering up to $1 million (about Rs 7.5 crore) as a bug bounty to developers who can identify security flaws in their networks. The move follows a major hack incident that saw Sky Mavis’ Ronin network siphon off $625 million (about Rs 4,729 crore). Ronin Network is an Ethereum-linked sidechain built by Sky Mavis specifically for blockchain gaming.

In a detailed blog, Sky Mavis has called for responsible disclosure of security vulnerabilities that could affect its users and users.

“While conducting research, we want to avoid performing automated testing, denial of service, spamming, spoofing, and phishing. Further attacks after evidence of Remote Control Execution (RCE) attacks may result in forfeiture of your reward,” The policy section of the bug bounty program was read.

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 vulnerabilities with a working proof of concept that shows how it can be exploited will be considered eligible for monetary rewards. Determining whether a reported issue adequately meets the bar for monetary rewards This is done at the discretion of Sky Mavis,” the blog said.

The hack attack on the Ronin network was discovered by Sky Mavis on March 23, leading to the biggest loot ever from a blockchain hack.

The attacker had breached control of Sky Mavis’ four ronin validators and a third-party validator operated by Axi DAO (Decentralized Autonomous Organization).

Legal investigation is going on in the matter.

Meanwhile, Sky Mavis has raised $150 million (about Rs 1,142 crore) in a recent funding round led by crypto exchange Binance. The funds will be used to reimburse victims of the Ronin attack.

Overall, cybercriminals stole over $1.3 billion (about Rs 9,606 crore) last year by hacking into the blockchain sector, as claimed in a report by blockchain research firm CertiK in January.

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