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News

After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

April 28, 2022 - Around 3 mins mins to read

Sky Mavis, the developer of Axie Infinity and its Ronin sidechain, said it was examining its security on all fronts in a new post-mortem report. The team revealed that they intend to become a “zero-trust organization” in the future, with over 100 validator nodes.

After The $600M Ronin Hack, Sky Mavis Intends To Become A "Zero-Trust Organization."
After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

Following last month’s $600 million attack on the Ronin network, Sky Mavis, the company behind the play-to-earn game Axie Infinity, said it is working to become a “zero-trust organization.”

According to a new post-mortem report released Wednesday, this relates to a security stance in which the team will continuously monitors for any threats that may be targeting the game’s developer Sky Mavis.

The report said:

“Our goal is to become a fully antifragile, zero-trust organization. Zero-trust is a framework that assumes that Sky Mavis is always at risk to external and internal threats,”

The March 23 incident, during which hackers seized more than 173,600 ether and 25.5 million USDC from its Ethereum-connected bridge, was mentioned in the report. The total loss was more over $600 million, making it one of the largest crypto attacks ever.

The hackers were later identified as the Lazarus Group, a North Korean hacking group.

After The $600M Ronin Hack, Sky Mavis Intends To Become A "Zero-Trust Organization."
After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

The Ronin team is now working on revamping its still-closed cross-chain bridge and boosting the number of validators (entities that aid in transaction verification). The sidechain had nine validator nodes at the time of the security attack.

Four of the nine validators were taken over by the attackers. They began by stealing four validator keys from Sky Mavis. Another validator, this time belonging to Axie DAO, was hacked using a “gas-free signature” Following this, the hacker group gained majority control (5/9 validators) and was able to send illegitimate funds from Ronin’s Ethereum bridge.

Sky Mavis plans to increase the number of validator nodes to 21 in the next three months, with the goal of having more than 100 nodes in the long run, as disclosed in the Wednesday update.

Sky Mavis said it performed internal surveillance checks with two cybersecurity firms, CrowdStrike and Polaris Infosec, in recent weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Patrick

CoinCu News

News

After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

Sky Mavis, the developer of Axie Infinity and its Ronin sidechain, said it was examining its security on all fronts in a new post-mortem report. The team revealed that they intend to become a “zero-trust organization” in the future, with over 100 validator nodes.

After The $600M Ronin Hack, Sky Mavis Intends To Become A "Zero-Trust Organization."
After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

Following last month’s $600 million attack on the Ronin network, Sky Mavis, the company behind the play-to-earn game Axie Infinity, said it is working to become a “zero-trust organization.”

According to a new post-mortem report released Wednesday, this relates to a security stance in which the team will continuously monitors for any threats that may be targeting the game’s developer Sky Mavis.

The report said:

“Our goal is to become a fully antifragile, zero-trust organization. Zero-trust is a framework that assumes that Sky Mavis is always at risk to external and internal threats,”

The March 23 incident, during which hackers seized more than 173,600 ether and 25.5 million USDC from its Ethereum-connected bridge, was mentioned in the report. The total loss was more over $600 million, making it one of the largest crypto attacks ever.

The hackers were later identified as the Lazarus Group, a North Korean hacking group.

After The $600M Ronin Hack, Sky Mavis Intends To Become A "Zero-Trust Organization."
After The $600M Ronin Hack, Sky Mavis Intends To Become A “Zero-Trust Organization.”

The Ronin team is now working on revamping its still-closed cross-chain bridge and boosting the number of validators (entities that aid in transaction verification). The sidechain had nine validator nodes at the time of the security attack.

Four of the nine validators were taken over by the attackers. They began by stealing four validator keys from Sky Mavis. Another validator, this time belonging to Axie DAO, was hacked using a “gas-free signature” Following this, the hacker group gained majority control (5/9 validators) and was able to send illegitimate funds from Ronin’s Ethereum bridge.

Sky Mavis plans to increase the number of validator nodes to 21 in the next three months, with the goal of having more than 100 nodes in the long run, as disclosed in the Wednesday update.

Sky Mavis said it performed internal surveillance checks with two cybersecurity firms, CrowdStrike and Polaris Infosec, in recent weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News