Sky Mavis raises $150M to compensate victims of Ronin hack
Sky Mavis, the start-up behind the popular game Axie Infinity, announced Wednesday that it has closed a $150 million funding round led by Binance to compensate for the $625 million lost in the Ronin Bridge hack.
Sky Mavis has raised $150 million in funding.
Previous investors, including Animoca Brands, a16z, Dialectic, Paradigm, and Accel, participated in the funding round. The gaming company said that the new funding round, along with Sky Mavis and Axie Infinity's balance sheets, will ensure that affected users are compensated. It is unclear at what valuation the funds were raised and if there are any changes in the company's management.On March 23, validator nodes on the Ronin network and Axie DAO were compromised, resulting in the most significant crypto hack. As a result, Binance and other industry leaders will also increase the number of validators on the Ronin network from 5 to 21, fixing a major problem on the network. The Ronin Bridge, which allows users to transfer assets from Ethereum to the game, remains closed for the time being and will only be opened after several security audits have been completed.
What does Axie Infinity's future hold?
Sky Mavis was about to release Origins, a new edition of their game Axie Infinity with new features, a new design, and a new storyline when the Ronin Network was hacked. Due to the hack, this update was delayed, although Sky Mavis mentioned in the article that it would be available tomorrow. The primary purpose of the relaunch is to expand the brand's reach and offer more to players.While Sky Mavis shared that Axie has processed far greater all-time volume than any other game, data from TokenTerminal shows that Axie Infinity's revenue has plummeted in recent months. It remains to be seen if the launch of Origin can help Axie Infinity make a comeback.
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