Sky Mavis Launches $1 Million Bug Bounty Program after Crypto Heist

Aleksander Leonard Larsen, the Co-Founder and COO of Sky Mavis software development studio, announced on Tuesday that it launched a $1 million bug bounty campaign aimed to improve the security of Axie Infinity and Ronin Network following the recent crypto heist.

“Calling all whitehats in the blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term space. The Sky Mavis Bug Bounty program is here. Help us keep @Ronin_Network secure while earning a bounty,” commented Larsen via Twitter, sharing a link with the details of the bug bounty program.

All the rewards in the program will be paid in AXS tokens, the COO of Sky Mavis clarified. Among the prioritized vulnerabilities to be spotted includes all the ones related to re-entrancy, logic errors, solidity/EVM, trusting trust or dependency vulnerabilities in the blockchain, cryptography problems, Remote Code Execution, insecure direct object reference, among other issues that could be found among the websites or apps.

“Sometimes, it may take longer to review the vulnerability reports due to multiple teams we are working with. We will endeavor to complete the review of your vulnerability report and determine whether to triage it within at most 25 business days from the date of reporting. Please note that due to the vast infrastructure and multiple teams working on this program, resolution of issues may take up to 180 business days,” the website with the rules reads.

Ronin Network Attack

Last month, Ronin Network, a blockchain project, was a victim of a cyberattack after hackers managed to steal around $615 million worth of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, becoming one of the largest crypto heists to date.

The threat actors hacked the systems on March 23, when they managed to steal 173,600 ETH and 25.5 million USD Coins. At the time of the attack, the cryptos were worth $540 million, but their value has risen to $615 million as of press time.