Binance invested in the developer of the crypto game Axie Infinity

The funding round brought in a total of $150 million

06.04.2022 - 14:10

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What’s new? Binance has led a $150 million funding round of Sky Mavis, the developer of the crypto game Axie Infinity. Animoca Brands, a16z, Dialectic, Paradigm, and Accel have also invested in the company. The investment raised will be used to compensate for the funds stolen as a result of the attack on the Ronin Network sidechain.

Information on the Binance blog

What does the head of Sky Mavis say? Sky Mavis CEO Trung Nguyen stated that the company intends to reimburse all funds, as well as implement strict internal security measures to prevent future attacks.

What had happened before? In late March, a hacker attacked the Ronin Network sidechain used by Axie Infinity. With the exploit, the attacker withdrew more than $625 million in cryptocurrency (173 600 ETH and 25,5 million USDC). Following the hack, the Ronin team disabled the cross-chain bridge and the Katana non-custodial exchange. Sky Mavis promised users to reimburse all the funds that the hacker stole.

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