Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hack
The Ronin Network and Sky Marvis are significantly upgrading their security measures after they vowed to ensure a hack “never happens again.” The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month. As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) worth more than $612 million at the time. Earlier this month the Federal Bureau of....
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The Ethereum based bridge Ronin was hacked for $600 million in digital assets or 173,600 ETH and $25 million in USDC. This attack has become the largest in the history of decentralized finances (DeFi), surpassing the Poly Network hack which also exploited a bridge-rooted vulnerability. Related Reading | BadgerDAO Pulls A Poly Network As It […]
The U.S. Department of the Treasury last week connected North Korean hacking organization Lazarus to an ETH wallet used in last month’s $622 million Ronin Network hack, a sidechain established for the play-to-earn game Axie Infinity. Now, the Treasury Department’s Office of Foreign Asset Control (OFAC) has added three Ethereum addresses to its blacklist, including […]
While price volatility remained a key factor, major DeFi tokens registered double digit loss over the past week as the DeFi TVL hovers near $50 billion mark. Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks.MakerDAO plans to invest $500 million into United States Treasurys and bonds to weather....
The popular blockchain game Axie Infinity has been left shaking after the $650 million Ronin bridge hack. The studio behind the game, Sky Mavis, has been taking multiple measures to try to secure the network and win back the confidence of users. The latest move announced is a $1 million bug bounty program that invites white hat hackers to stress test the blockchain. Co-Founder and COO of Sky Mavis and Axie announced: “Calling all whitehats in the blockchain space. The Sky Mavis Bug Bounty program is here. Help us keep the Ronin Network secure while earning a bounty up to $1,000,000....
"We are in touch with security teams at major exchanges and will be reaching out to all in the coming days," said the team at Ronin. According to Axie Infinity's official Discord and Ronin Network's official Twitter thread, along with its Substack page, the Ronin bridge and Katana Dex have been halted after suffering an exploit for 173,600 Ethereum (ETH) and 25.5 million USD Coin (USDC), worth a combined $612 million at Tuesday's prices. In a statement, its developers said they are "currently working with law enforcement officials, forensic cryptographers and our investors to make sure....