Fun

Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Ronin Bridge Exploit

News Feed - 2022-04-09 04:04:11

Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Ronin Bridge Exploit


Sky Mavis, the company behind the play-to-earn (P2E) game Axie Infinity, announced it has raised $150 million in a funding round to replenish the funds the company lost in the Ronin Network exploit. The funding round — which was led by Binance and had the participation of companies like Animoca Brands, a16z, Dialectic, Paradigm, and Accel — constitutes part of the actions the company is taking to recover its ecosystem and reimburse users. Sky Mavis Raises Funds to Replenish Its Ronin Bridge


Sky Mavis, the operator of Axie Infinity, a recognized play-to-earn (P2E) video game in the Web3 ecosystem, has finally announced the actions it will take to recover the funds lost and restore trust in its Ronin Network. The company revealed a funding round where it raised $150 million, led by Binance with the participation of companies in the play-to-earn field like Animoca Brands, and other firms like a16z, Dialectic, Paradigm, and Accel.


On the participation of Binance in this round, Changpeng Zhao, CEO of the exchange, stated: 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. Other Actions On the Way


The company also informed about another set of actions it will be taking as a result of the exploitthe Ronin Bridge suffered. Sky Mavis declared that with the new funds and other funds taken from its treasury, all of the users’ accounts affected will be reimbursed. However, the 56K ethereum that was taken will remain under-collateralized as the company works with law enforcement to recover its cryptocurrency stash.


The company will also address the limited validator number that was a factor in the exploit. On this, Trung Nguyen, CEO of Sky Mavis, declared: 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 is still non-operational since the aforementioned exploit, will be reopened once it undergoes new security audits, which Sky Mavis has declared can take several weeks. The company said it is taking security more seriously now, and is undergoing “rigorous internal security measures” to prevent similar new attacks that could have a social element. Tags in this story A16Z, Animoca Brands, Binance, funding round, ronin bridge hack, Sky Mavis


What do you think about Sky Mavis’ $150 million funding round? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others NEWS | 11 hours ago Bank of America Strategist Warns "Recession Shock" Is Coming, Analyst Says Crypto Could Outperform Bonds NEWS | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNamibian Central Bank Announces Plan to Launch CBDC Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"


As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.Polygon Announces Zero-Knowledge Identity Platform for Web3 US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Study: 10% Growth in Crypto Market Cap Reduces Value of African Firms by 0.76% With Over 90% of BTC"s Supply Issued, Bitcoin"s Mining Difficulty Reaches a Lifetime High

News Feed

Cointelegraph Accelerator6 hours agoCommunity-powered crypto trading: CryptoRobotics joins Cointelegraph AcceleratorCryptoRobotics, a one-stop-shop trading platform, offers trading bots, autostrategies and signals while
Thailand Doesn’t Prohibit Crypto Use for Payments but Warns of Price Fluctuation
Thailand Doesn"t Prohibit Crypto Use for Payments but Warns of Price Fluctuation Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not ille
Zhiyuan Sun8 hours agoSolana game developer Automata announces mass layoffs“It is with a heavy heart that I am writing today to share news about team restructuring efforts we are effectuating today," wrote CEO and
NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge
NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks o
UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit
UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the ful
Derek Andersen6 hours agoEuroclear launches digital securities issuance service, settles World Bank bondThe settlement service is far from the first to issue digitalized securities, but it is a significant step because o
Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K?
Zoltan Vardai7 hours agoBitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K?The Bitcoin chart flashed a crucial buy signal for investors, but BTC still faces significant resistance at
Everscale Trail-Blazes Through H1 2022
Everscale Trail-Blazes Through H1 2022 sponsored With live-tested transaction speeds of 64,000 TPS, infinitely scalable blockchain Everscaleis undeniably one of the fastest out ther
Shiraz Jagati9 hours agoAI in healthcare: New tech in diagnosis and patient careFrom enhancing disease diagnosis to personalizing patient care, here’s how AI can reshape the future of healthcare.484 Total views4 Total
Asset Manager Stone Ridge’s NYDIG Sees Wall of Money Coming Into Bitcoin — Institutions Grow Beyond Owning BTC
Asset Manager Stone Ridge"s NYDIG Sees Wall of Money Coming Into Bitcoin — Institutions Grow Beyond Owning BTC The founder of Stone Ridge Asset Management and
Stablecoin Market Capitalization Nears $200 Billion — Bitcoin Price To Resume Rally?
Este artículo también está disponible en español. The latest on-chain data shows that the stablecoin market is nearing a new milestone in terms of valuation. Here’s
Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster ‘Digital Ownership of Physical Gold’
Swiss Bank Seba Launches Regulated Gold Token, Aims to Bolster "Digital Ownership of Physical Gold" On December 15, FINMA-licensed Swiss bank, Seba, announced the launch of a gold