Sky Mavis Raises $150M in Binance-Led Round for Crypto Hack Losses

Crypto Hack Losses

Sky Mavis, the company behind blockchain game Axie Infinity, has closed a $150 million funding round led by Binance to compensate users after a crypto heist.

Animoca Brands, Andreessen Horowitz, Dialectic, and Web 3 investment company Paradigm are the other investors who participated in the round.

Sky Mavis is also planning to use part of its balance sheet funds to pay for the losses, which amount to $625 million from the security breach.

The firm’s CEO, Trung Nguyen, assured users that the company would pay them and set measures to prevent a repeat of a similar incident in the future.

The company adds that the Ronin bridge, where the loot occurred, will be reopened once the internal audits have been done. Sky Mavis is also planning to increase the number of validator nodes to maximize security.

Binance has reinstated deposits and withdrawals on the Ronin chain after blocking the service last week. More than 2.6 million users own Axie NFTs.

Source: Markets Insider 

Leave a Reply

Your email address will not be published.

Related Posts