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.
2/ While racing to adopt mainstream, we made some trade-offs that left us vulnerable.
This is a lesson that we have learned the hard way. A lesson that will guide how we build ronin as we go. We believe that we will come out stronger and wiser from this.
— axie infinity: bat::loud_sound: (@AxieInfinity) 6 April 2022
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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