Axie Infinity’s Ronin Bridge and Security of Blockchains

• Axie Infinity’s Ronin Bridge was hacked through a LinkedIn post
• The incident raises security concerns for blockchains as a whole
• Innovations and trials are necessary to enhance blockchain technology and prevent such attacks in the future.

Axie Infinity’s Ronin Bridge was hacked via a LinkedIn post. Employees at Axie were tricked by this post offering a job. They were lured in with good salary options. Once they received the offer letter on their own accord. Hackers made the node entries with PDF files containing offer letters,y compromising the company’s situation. It is not one of its kind of attacks; there have been attacks on blockchains for a while now. Also, where there are security issues that need to be tackled in Blockchains. It was a smart strategy to attack a blockchain. 

Hackers Stolen Cryptocurrency

After hacking, they emptied Sky Mavis’ treasury, which contained Ethereum and USDC. The value of the currencies at that time was $625 Million. One of the blows to the company’s digital assets. Axie is one of the biggest blockchain gaming platforms to host multiple NFTs and has a big user base. According to crypto slam, the most sales by volume in NFTs can be seen in the picture below.

Most sales by volume of Axie Infinity

It is one of the trades because of its NFT game, where players would get rewards in the form of NFTs. It also raises questions on security issues of the blockchains as if one can be penetrated; such a case can happen with others too. By covering the majority of blockchain nodes, attackers manipulated the whole blockchain for their benefit.

These kinds of situations are to be learned from. There should be innovations in technology that are related to blockchain. And how it should be done is by trial and error or accidents that occur. 

Security Tips for Blockchain

Strong identities and authentications

There should be strong encryption and authenticated IDs for the network. The access should be decentralized. There should be multiple nodes, some accessible and some unknown. Limiting access would mean a high potential for the penetration of hackers. Compromising the whole blockchain. 

Securing the core blockchain technology

Securing the core technology is one of the most crucial criteria for security from external threats. One can’t deny that if the core technology is cracked, it can be re-engineered and hacked, compromising the blockchain.

Smart Contract Functions

Smart contracts also play a huge role in terms of securing the blockchain. And functions should be optimized with every layer of the blockchain. They result in an ecosystem that is safe and provides maximum efficiency.

Communication

Securing blockchain communications is a must for the blockchain. Messages could contain some information regarding important keys to the blockchain. It could result in sabotaging the blockchain. The only motive for increasing security is to give privacy back to the people. Ultimately resulting in an infrastructure in which people believe. Security and privacy issues were the initial reasons for the rise of blockchains against traditional finance. 

But if it has security issues too, where will the different sectors go, and what will its output be? And people will decide what to do, and our collective consciousness will determine its path.  

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in NFTs and cryptocurrencies comes with a risk of financial loss.