Sky Mavis, the company behind Axie Infinity, is now offering a bug bounty to spot any vulnerabilities in its smart contracts or web-related systems. The decision comes shortly after the tragic Ronin hack, when over $600M was stolen from the project’s ecosystem.
Can Sky Mavis’ bug bounty prevent another hack?
On Tuesday, the Axie Infinity creator Sky Mavis proposed a new method of finding potential weaknesses of its ecosystem.
Accordingly, white hat hackers will receive between $1,000 and $1M depending on the severity of each vulnerability found. Meanwhile, bugs in the app or web interfaces will be rewarded with $50 – $15,000. However, note that each reward will come in the form of AXS tokens.
Participants should focus on flash loan attacks, authentication errors, and signature malleability the most. Obviously, Sky Mavis’ bug bounty aims to strengthen its security as much as possible after the shocking Ronin hack that took place in March.
Recovering after the Ronin hack
On March 29th, Sky Mavis revealed that a hacker had stolen a whopping $601M from its Ronin Network. Unfortunately, the incident affected many Axie Infinity players.
Since then, the group has been focusing on getting back on track. For example, the company repaid $450M worth of its financial loss. What’s more, they raised over $150M from key investors such as Binance and Animoca Brands.
Sky Mavis’ bug bounty is undoubtedly an efficient effort to prevent future hacking incidents. However, the Ronin hack entered history as one of the biggest crypto hacks of all time.