From: thepipeline_xyz
Sky Mavis is a company believed to be the parent company of Ronin, a blockchain company that developed the popular game called Axi [00:00:00].
The Ronin Network Hack
The Ronin Network, associated with the Axi game, experienced a significant security breach that might still be the largest hack in history [00:00:53]. The incident resulted in approximately half a billion dollars in damages [00:01:00].
Initial Compromise
The hack originated from a phishing incident where a Sky Mavis DevOps Engineer was “fished” with a job offer [00:00:10]. It is believed the engineer clicked an executable file sent in relation to the job offer [00:00:18].
Multi-sig Vulnerability
A critical point of failure was that the compromised device of this single individual granted access to four keys of a multi-signature wallet [00:00:20]. A multi-sig wallet acts like a door requiring multiple keys to unlock it [00:00:31]. In this case, five keys out of nine keyholes were required to unlock it [00:00:37].
Through social engineering, the attackers obtained four keys from the compromised engineer [00:00:41]. They then performed lateral movement, moving from the initially compromised device to another, to acquire the fifth key [00:00:44]. With all five keys in hand, they were able to compromise the system [00:00:50].
Financial Impact
The breach, stemming from what began as a compromised office email, led to immense financial damage, estimated at about half a billion dollars [00:00:58].