Crypto Giant Binance Raises $150M to Reimburse Victims of Ronin Hack
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Sky Mavis, the creators of Axie Infinity NFT game has raised $150m in a funding round led by Binance cryptocurrency exchange
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The funding will be used to reimburse the victims of the recent exploit on Axie Infinity’s Ronin Bridge, which resulted in over $600 million in losses
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Apart from the $150 million raised, Sky Mavis and Axie Infinity will complete the reimbursement from their balance sheets
Vietnamese gaming platform, Sky Mavis has announced that it has raised $150 million in a funding round led by cryptocurrency exchange giant, Binance. The funding will be put into reimbursing the users who lost funds during Axie Infinity’s $625 million network hack last month.
The round was also supported by Animoca Brands, a16z, Dialectic, Paradigm, and Accel, according to a statement that was released by Sky Mavis.
In addition to the $150 million raised, Sky Mavis and Axie Infinity will complete the reimbursement to victims of the attack, from their balance sheets.
Meanwhile, the company has also announced that it plans to reopen the Ronin bridge after carrying out a security upgrade and audits, which could take weeks.
Read also: Top 5 Mega Crypto Crimes of 2022
Pending the time that the bridge comes back on, Binance will be providing liquidity to Ronin users, allowing them to withdraw and deposit ETH freely.
Sky Mavis also announced the cause of the hack in its announcement. The company attributed the breach to the “small validator set” which made it easier for its network to be compromised. The company now plans to increase the validator group from 5 to 21, to prevent a similar happening.
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