Axie Infinity Developer Offers $1M Bug Bounty After $622M Ronin Hack

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Sky Mavis, the developer of popular blockchain game Axie Infinity, has launched a bug bounty for hackers who can identify “extraordinarily severe” vulnerabilities in its ecosystem following the hacking incident in its Ronin network of over $600 million last month.

In a release published last Tuesday, April 12, the developer put the bug bounty which covers two categories—smart contracts and web-related issues. The developer is offering bounties that will range from $1,000 (approximately ₱52,000) to $1,000,000 (₱52,043,000) depending on the effort made to “encourage responsible disclosure of security vulnerabilities.”

The hack occurred within the Ronin bridge and decentralized exchange Katana where hackers steal cryptocurrencies Ethereum (ETH) and US Dollar Coin (USDC) that are worth a combined $625 million. (Read more: Axie Infinity Ronin Network Hack | Money Has Been Transferred to Binance, FTX, Crypto.com)

Sky Mavis Chief Operating Officer, Aleksander Leonard Larsen, even called out “all whitehats in the blockchain space” to “help us keep @Ronin_Network secure while earning a bounty.”

According to the release, Sky Mavis guarantees to pay the cybersecurity vigilantes their bounties in Axie Infinity’s native token AXS, with a “six month vesting period with monthly unlocks for fatal bounties.” The top bounty of $1,000,000 goes to those who can identify “extraordinarily severe issues or those with extreme impact.”

Aside from this action, also raised $150 million (₱7.6 billion as of writing) to fund the reimbursement for Axie Infinity players and users affected by the Ronin Hack. (Read more: Axie Infinity Ronin Hack: Sky Mavis Raises $150M from Binance, Animoca to Reimburse Hack Victims)

Sky Mavis also added five new validators to further strengthen their network’s security system. (Read more: Who are the 5 New Axie Infinity Ronin Validators?)

Lorne Lantz of tracking tool Breadcrumbs shared in a BitPinas exclusive of how the stolen funds move and what the hacker did to exploit the Ronin Network. (Read more: Tracking the Stolen Funds from Ronin Network Using Breadcrumbs)

In the Philippines, where majority of Axie Infinity players are situated, the Bangko Sentral ng Pilipinas (BSP) has again flagged the risks of non-fungible tokens (NFTs) during a virtual press briefing last March 31. The central bank reminded the public to remain cautious when dealing with GameFi (gaming-finance) projects involving digital tokens. (Read more:  BSP Warns Public on GameFi Platform Risks After $600M Axie Ronin Hack)

This article is published on BitPinas: Axie Infinity Developer Offers $1M Bug Bounty After $622M Ronin Hack

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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Shiela Bertillo

    BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.