Sky Mavis Raises $150 Million in a Financing Round Led by Binance to Refund Ronin Bridge Victims

Sky Mavis, the owner of Axie Infinity, a well-known play-to-earn (P2E) video game in the Web3 ecosystem, has finally stated the steps it plans to take to reclaim the cash and restore trust in its Ronin Network. The company announced a $150 million fundraising round headed by Binance, with participation from companies in the play-to-earn space such as Animoca Brands and other organizations such as a16z, Dialectic, Paradigm, and Accel.

Binance CEO Changpeng Zhao commented on the exchange’s involvement in this 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.”

As a result of the Ronin Bridge’s exploit, the business has also announced a new set of activities it will take. All of the impacted users’ accounts will be compensated using the additional monies and other funds stolen from Sky Mavis’ treasury. However, as the corporation works with law enforcement to recover its cryptocurrency stockpile, the 56K ethereum that was taken will remain under-collateralized.

The corporation will also address the exploit’s issue with a limited validator number. Trung Nguyen, CEO of Sky Mavis, stated as follows:

“With the support of Binance and other industry 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 Ronin Network bridge, which has been offline since the aforementioned exploit, will reopen once additional security checks are completed, which Sky Mavis has stated could take several weeks. According to the corporation, it is now taking security more seriously and is implementing “rigorous internal security procedures” to prevent similar fresh assaults with a social component.

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