ronin breach

Ronin Hack Update: Network to re-open in May 2022

There’s gonna be a lot of building going on for Ronin

The rebuilding continues for Sky Mavis as they share some of the work that they are currently doing in order to improve network security following the Ronin breach last March of 2022.

The attack which was reportedly done by the infamous Lazarus Group, a state-sanctioned cybercrime organization based in North Korea, was one of the biggest in crypto history, resulting in lost funds of up to USD 625 Million. The attack was done through a compromised Ronin validator node and exploiting a loophole which led to the hackers gaining control of some parts of the network. Sky Mavis was quick to respond though, and has since worked with cybersecurity experts in tracking the funds and as well the people behind the breach.

Together with these methods, Sky Mavis has also secured funding with brands like Animoca, and Binance which will be used to reimburse affected users. A total of USD 5.8 million are also now recovered with the help of Binance

In addition to these efforts, Sky Mavis shared more detail on what they have been working on to help improve their cybersecurity measures and to bring back the Ronin Network to full functionality. The team reports that they are working with cybersecurity groups CrowdStrike and Polaris Infotec to help handle internal surveillance. New validator nodes are also now added to the Ronin network, increasing the count from 9 nodes to 11, and getting closer to the immediate target of 21 nodes. In terms of further boosting its security protocols, Sky Mavis states that they will be implementing more strict internal policies, employ a zero trust framework, and conduct more security audits for their network code. Sky Mavis also aims to secure an ISO27001 certification, an international standard when it comes to information security and has also recently launched their Bug Bounty program to involve the community in their rebuilding process.

Sky Mavis also shared the following conditions that need to be fulfilled in order to re-open the Ronin Network Bridge, they are as follows:

1. Upgrade the Ronin bridge contracts: Sky Mavis states that they are 80% done with this.

2. Rework the bridge’s backend:  In progress

3. Deploy a validator dashboard that allows for approving large transactions and adding/removing new validators: In progress.

4. Migrate all pending withdrawals: This will happen after the deployment of the new bridge

If all goes well, the Ronin Network, more specifically, the Ronin Network bridge will re-open and return to full functionality in May 2022 and users can again take advantage of its benefits.