Axie Infinity, Binance Raise $150 Million for Victims of Crypto Hack

  • Sky Mavis said Wednesday that Binance led a $150 million funding round to put toward reimbursing victims of the historic crypto hack.
  • Others involved in the funding round include a16z, Dialectic, Animoca Brands, and Paradigm. 
  • Sky Mavis also said it’s implementing security measures and plans to reopen the Ronin Network after several weeks of audits. 

Sky Mavis, the developer behind Axie Infinity, said Binance led a $150 million funding round to restore some of the money stolen from last month’s $625 million crypto heist

Other companies involved in the fund raising include blockchain game company Animoca Brands, venture capital firms a16z and Dialectic, as well as Web3 investment firm Paradigm.

Sky Mavis and Axie Infinity will also contribute balance sheet funds toward paying users who were impacted by the massive swindle, which is believed to be one of the biggest in the history of crypto.

“Sky Mavis is committed to reimbursing all of our users’ lost funds and implementing rigorous internal security measures to prevent future attacks,” CEO Trung Nguyen said in a Wednesday statement. 

Additionally, Sky Mavis is implementing new security measures and going through internal audits, which can take several weeks. After these steps are completed, the Ronin Network bridge — the blockchain protocol the hacker exploited — will reopen.

Ronin will also get an increase in its so-called validator nodes, which are proof-of-stake tools that confirm transactions, so they won’t be as vulnerable to hackers in the future.

Meanwhile, Binance has fully restored deposits and withdrawals on Ronin after halting them last week then partially resuming them.

Axie Infinity is the most-played NFT game of all time. Over 2.6 million users own Axie NFTs, which Sky Mavis said is four times more than the next largest NFT project.

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