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Sky Mavis raises $150 million round
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Crypto

Sky Mavis raises $150 million round

To reimburse Ronin hack victims

Apr 6
2
Share this post
Sky Mavis raises $150 million round
www.waivly.com
Blockchain Gaming and the Rise of Axie Infinity – Niko

Sky Mavis, the studio behind hit play-to-earn game Axie Infinity, has raised a $150M round led by Binance to reimburse user funds lost in the $625M Ronin attack.

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Venture capital firms a16z, Dialectic, Paradigm, Animoca Brands, and Accel also participated in the round, according to a Substack post. Sky Davis will combine the latest raise with its own funds to pay back everyone who was affected by the exploit.

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"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," Binance CEO Changpeng Zhao said.

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On March 23rd, Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes got compromised. The breach went undiscovered until March 29th, when a user was unable to withdraw 5,000 ETH.

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This led to hacked private keys being used to forge fake withdrawals on the network, allowing the hacker to successfully steal a total of 173,600 ether and 25.5 million USDC, valued at around $625 million.

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In response to the exploit, on April 1st, Ronin replaced the nodes that had been compromised and have announced plans to add new security validators to strengthen its blockchain security.

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Sky Mavis raises $150 million round
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