Sky Mavis Raises $150M Round Led by Binance to Reimburse Ronin Attack Victims

Sky Mavis Raises $150M Round Led by Binance to Reimburse Ronin Attack Victims
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Sky Mavis Raises $150M Round Led by Binance to Reimburse Ronin Attack Victims

Sky Mavis, the firm behind hit play-to-earn game Axie Infinity, raised a $150 million round led by Binance to reimburse user funds lost in the $625 million Ronin attack, the firm said on Wednesday.

  • Venture capital firm a16z, Dialectic, Paradigm and Accel also participated in the round.
  • On March 23, validator nodes on Sky Mavis’ Ronin network and on Axie DAO were compromised, Sky Mavis said. The attacker used hacked private keys in order to forge fake withdrawals from the Ronin bridge across two transactions and was able to drain a total of 173,600 ether (ETH) and 25.5 million USDC.
  • The new round as well as Sky Mavis and Axie Infinity’s balance sheets will ensure affected users are reimbursed, the gaming firm said.
  • Binance also said on Wednesday that ether and USDC deposits and withdrawals on the Ronin Network have now resumed.

Read more: Ronin Attack Shows Cross-Chain Crypto Is a ‘Bridge’ Too Far

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