DEFI

Seven steps to enhance internet security! Ronin cross-chain bridge expected to return in May, with user funds fully guaranteed.

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Seven steps to enhance internet security! Ronin cross-chain bridge expected to return in May, with user funds fully guaranteed.

Axie Infinity's sidechain Ronin was hacked at the end of March this year due to the compromise of validator private keys, resulting in a loss of over $620 million. The Sky Mavis team released a report on the incident on the 28th, outlining various methods to enhance the security of cross-chain bridges. It is expected that the Ronin cross-chain bridge will restart in the short term, and users' funds will not be at risk.

Ronin Hack Process

Due to ongoing phishing attacks targeting Sky Mavis employees on various social media platforms, a staff member fell victim, granting hackers access to the verification nodes. Additionally, the lack of proper tracking systems at Sky Mavis to monitor the flow of funds across the bridge resulted in the attack going unnoticed, with the theft only discovered six days later.

Enhancing Security

To prevent similar incidents from occurring again, Sky Mavis is implementing the following measures to enhance security:

  1. Collaboration with Top Cybersecurity Experts:
    Following the incident, Sky Mavis engaged cybersecurity firms CrowdStrike and Polaris Infosec for internal monitoring and forensics, as well as working with an unnamed company to safeguard the company's defense mechanisms from hackers.
  2. Increasing Verification Nodes on the Ronin Network:
    Sky Mavis will continue to increase the number of verification nodes, aiming to reach 21 within three months and a long-term goal of 100.
  3. Implementing Stricter Internal Procedures:
    Prioritizing employee safety, providing training courses to address external threats, and further reducing risks by using work-specific equipment.
  4. Conducting Audits:
    All code is undergoing audits and optimization, while cybersecurity experts study the overall architecture.
  5. Establishing a Zero-Trust Organization:
    Sky Mavis aims to become a fully anti-fragile and zero-trust organization, assuming constant external and internal threats. The zero-trust security model verifies and authorizes each connection to ensure compliance with security policy requirements.
  6. Offering Bug Bounties:
    Sky Mavis provides up to $1 million in bug bounties to encourage the disclosure of security issues.
  7. ISO27001 and Other Security Certifications:
    Over time, Sky Mavis will continue to obtain various security certifications.

Attribution of Hackers

The FBI has attributed the criminal actors in this incident to the North Korean cybercrime organization Lazarus Group, known for their sophisticated and complex tactics involved in numerous high-profile hacking incidents. The U.S. Treasury Department has also sanctioned addresses receiving illicit funds.

When Will the Ronin Bridge Restart?

The Ronin bridge is currently undergoing redesign and is expected to be deployed by the end of April, reopening in late May. Additionally, for those needing to use the Ronin network, services can be accessed through Binance, which offers withdrawals and deposits of wETH and USDC for Axie Infinity users.

Most importantly, all user funds are secured by recent Sky Mavis fundraising rounds, Axie Infinity and Sky Mavis balance sheet assets, and personal funds from the core team.

"We are committed to building a community-led digital nation, inviting gamers to learn Web3 technology and collectively construct a better, decentralized world. This commitment remains unwavering. We are ready to rebuild." the Sky Mavis team stated.