Key Takeaways
- Sky Mavis has secured $150 million in its latest funding round led by Binance.
- The funds will be used to help reimburse users who lost money from the $550 million Ronin bridge attack.
- Sky Mavis is also working with Binance to help increase Ronin Network security.
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Sky Mavis, the party behind the hit play-to-earn game Axie Infinity, has raised an extra $ 150 million in its latest fund round .
Sky Mavis to Reimburse Stolen Funds
Two weeks after losing over half a billion dollars in a bridge attack, Sky Mavis is raising more money.
The Axie Infinity developer announced it had secured $ 150 million Wednesday after closing a financing round led by Binance. Crypto investment giants Animoca Brands, Andreessen Horowitz, Dialectic, and Paradigm besides participated in the lift, doubling down on their former contributions .
In a blog post, Sky Mavis explained that the money secured in the grow, combined with its own proportion sheet funds, would be used to ensure that all users affected by the Mar. 23 Ronin bridge attack are reimbursed. The bridge connecting the Ronin sidechain to Ethereum mainnet was compromised after an attacker obtained the private keys to five of the chain ’ s nine validator nodes. The attacker made off with 173,600 ETH and 25.5 million USDC, deserving over $ 550 million at the time. “ The last eight days have been the hardest stretch of our four-year travel. Thank you for your courage, forgivingness, prayers, and words of subscribe, ” the note stated, explaining that the Ronin bridge will reopen once it has undergone a security upgrade and several audits. Sky Mavis CEO Trung Nguyen besides explained how the company plans to boost the security of the Ronin network by expanding its validator set and implementing new security measures. He said :
“ Sky Mavis is committed to reimbursing all of our users ’ lost funds and implementing rigorous internal security measures to prevent future attacks. With the support of Binance and other diligence leaders, we will be able to quickly expand the validator set from five to 21 validators to ensure the security of the Ronin network. ”
The station besides revealed that Sky Mavis is working with Binance to provide Ethereum deposits and withdrawals for Axie Infinity players while the Ronin bridge is down. “ In regulate for the ball-shaped ecosystem to continue thriving and maturing, it is imperative mood that we work together, specially when it comes to security, which is our potent lawsuit, ” said Binance CEO Changpeng Zhao. “ We strongly believe Sky Mavis will bring a batch of value and growth for the larger industry, and we believe it ’ s necessity to support them as they work intemperate to resolve the holocene incident, ” he said.
Despite the late setbacks, Sky Mavis is forging ahead with the development of Axie Infinity. Tomorrow, the company will debut Axie Infinity : origin, an update version of the game set to include newly mechanics and allow new users to try out the game for loose. disclosure : At the meter of writing this piece, the writer owned ETH and several other cryptocurrencies .
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