Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Ronin Bridge Exploit – Bitcoin News

Sky Mavis (the company behind Axie Infinity), a play-to earn (P2E), game, has announced that it raised $150M in a round of funding to replace the money the Ronin Network exploit cost. The funding round — which was led by Binance and had the participation of companies like Animoca Brands, a16z, Dialectic, Paradigm, and Accel — constitutes part of the actions the company is taking to recover its ecosystem and reimburse users.

Sky Mavis raises funds to rebuild its Ronin Bridge

Sky Mavis is the owner of Axie Infinity (a play-to earn video game) in the Web3 ecosystem. It has now announced its plans to restore trust and recover funds. Binance, along with other companies from the play-to earnn industry like Animoca Brands and Paradigm were involved in a $150 million funding round.

Changpeng Zhao (CEO of the exchange) stated that Binance participated in the round.

We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it’s necessary to support them as they work hard to resolve the recent incident.

You can also take other actions along the way

It also revealed another set action it was going to take in response to the exploit that the Ronin Bridge experienced. Sky Mavis declared that with the new funds and other funds taken from its treasury, all of the users’ accounts affected will be reimbursed. The 56K of ethereum taken by Sky Mavis will be under-collateralized while the company works to retrieve its crypto stash.

Also, the company will address the issue of the invalidator limit that played a role in the exploit. Trung Nguyen is the CEO of Sky Mavis.

Binance and industry leaders have supported us in expanding the Validator Set from just five to 21 validators, ensuring the safety of the Ronin Network.

Ronin Network bridge remains inoperable since exploit aforementioned. It will be opened once the security audits have been completed, Sky Mavis has stated. This can take many weeks. The company said it is taking security more seriously now, and is undergoing “rigorous internal security measures” to prevent similar new attacks that could have a social element.

What do you think about Sky Mavis’ $150 million funding round? Leave a comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

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