Ronin and Sky Mavis Step Up Security After Hack
The Ronin Network and Sky Mavis promised to upgrade their smart contracts, offer lucrative error bounties, and tighten up security following a $600 million hack late last month.
The Ronin team announced that they have made significant changes to their platform and hope to open their bridge by the middle or end of May. The team also stated that all user funds are in the process of being restored.
Until the bridge goes live, Binance will provide support with the withdrawal and deposit infrastructure for Axie users.
The Ronin team updated the smart contracts of the bridge by 80%. Next, they will rework the back-end, migrate all pending withdrawals, and launch the validator dashboard, which allows you to approve large transactions and add/remove new validators.
Sky Mavis is also improving its security measures. The team enlisted the help of top security experts to conduct contract reviews and implement stricter internal procedures, like training courses to “fight external threats.”
In addition, the number of nodes will be increased to help decentralize the project. Their number was increased from 9 to 11, but Sky Mavis intends to bring this number up to 21 within the next three months. And in the long term, the project intends to activate more than 100 nodes.
Sky Mavis will also launch a bug-finding bounty of up to $1 million for any white hat hackers who can find additional vulnerabilities.