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Binance leads a $150 million funding round to help victims of the Ronin Network Exploit

Binance, the world’s largest cryptocurrency exchange, has closed a $150 million investment round with the help of a slew of other investors. The monies generated in the round, as well as funds from Sky Mavis’ balance sheet, will be used to compensate users who were harmed by the Ronin Validator Hack.


Binance Funding Round’s Specifications

Sky Mavis revealed the details of Binance’s investment round, which would be utilized as a bailout fund for the hack’s victims. A16z, Animoca Brands, Dialectic, Accel, and Paradigm were among the investors in the round, in addition to Binance. The $150 million investment round was a success.

After compromising the Ronin Validator nodes, hackers made off with approximately $615 million, making it one of the greatest crypto heists in recent memory.

Sky Mavis issued a statement claiming that it intends to compensate its subscribers.


The Hack’s Specifics

On March 23, 2022, cryptocurrency hackers stole over $615 million worth of bitcoin from the blockchain corporation Ronin Systems, making it one of the greatest crypto heists in recent memory. Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were hijacked, allowing hackers to steal 173,600 ETH and 25.5 million USDC from the Ronin Bridge.

The hacker exploited stolen private keys and passwords to siphon the funds, according to Ronin Systems.

The majority of the funds, however, remain in the hacker’s wallet. The Ronin Blockchain powers Axie Infinity, one of the most popular blockchain-based games. On social media, the game has gotten a lot of attention.


Axie has a lot of people behind it.

Axie has received a lot of support on social media, and Binance has also offered support to its customers. Huobi Global announced on Twitter that any stolen funds uncovered on its platform would be handled appropriately.

“Huobi will fully support @AxieInfinity as it deals with the aftermath of the attack and theft on its Ronin chain.”
“Any stolen crypto assets that have been discovered to have traversed our exchange”
“and related networks will be dealt with expediently.”


Next Steps are outlined by Sky Mavis.

Sky Mavis admitted that in its pursuit of widespread adoption, it had made several compromises that could have left it open to an attack like this. The corporation also stated that it would increase the number of the validator group to 21 within three months in order to improve security. This will be divided among several stakeholders, including partners, long-term allies, and members of the community.

The hacked Ronin Network Bridge will be subjected to a security upgrade as well as a series of audits that will take many weeks. The Ronin Network Bridge will not be opened until these have been completed. Binance, which offers Axie Infinity users with ETH withdrawals and deposits, has backed Ronin.

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