- Sky Mavis, owners of the Ronin blockchain, is aiming for more than 100 validators after a security revamp
- The company issued its new security plans following the $540 million hack last month
- Sky Mavis now claims that Ronin is the “gold standard” of security
Sky Mavis, owners of the Ronin blockchain which was victim of the massive $540 million hack last month, has revealed details of its relaunch, including a massive validator increase and enhanced security measures. The DeFi bridge was taken over half a billion dollars in ETH and USDC, with North Korean group Lazarus known to be behind the raid. Sky Mavis has been working on ways to safely relaunch the bridge, and yesterday revealed details of how they plan to do that.
Sky Mavis Massively Increasing Validator Nodes
Sky Mavis published its plans in a Wednesday blog post entitled Back to Building: Ronin Security Breach Postmortem, where the company went over how the March 23 hack came about and the changes it was making to prevent such an event happening again.
Sky Mavis reiterated the known facts, that the company controlled four of the nine validators and that an employee, who no longer works for the company, was compromised during a spear phishing attack. Sky Mavis also added that the attacker “managed to leverage that access to penetrate Sky Mavis IT infrastructure and gain access to the validator nodes.”
To remedy this for the future, Sky Mavis said that it has already increased its node validator count to 11 and that three more are expected soon. It added that the company’s target is 21 validator nodes in the medium term and that it has a long term goal of over 100.
Ronin is “Gold Standard” in Security
The company also said that it is “inspecting every area of security, including our internal procedures” and is putting staff through “more robust training courses to combat external threats”, as well as preparing to offer a $1 million. These steps, and more, will help to create what Sky Macis calls a “zero-trust security model” for Ronin, which they add has led the blockchain to become “the gold standard when it comes to security.”
However, if these steps can be taken now, after the gargantuan hack, then there is no reason why they could not have been taken beforehand. Other DeFi projects should take note that what they think is a reasonable level of security probably isn’t, and that they could be next.
