Binance, with support from Animoca Brands, a16z and others, has led a $150m funding round of Sky Mavis. The round will provide support to the Sky Mavis ecosystem and ensure that all funds affected by the Ronin Validator Hack are restored. Read more 👇
Binance Leads $150M Funding Round of Sky Mavis, the Creator of Axie Infinity, to Restore Funds on the Ronin Bridge and to Build a Sustainable Global EcosystemBinance is happy to announce that it has led a $150 million USD funding round of Sky Mavis, the creator of leading NFT breakout title Axie Infinity, to restore funds on the Ronin Bridge, with participation of Animoca Brands, a16z, Dialectic, Paradigm and Accel.
On March 23, Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5 million USDC drained from the Ronin bridge. The attack was socially engineered, and a thorough investigation is ongoing. The root cause of the breach was the small validator set which made it much easier to compromise the network.
The new round, combined with Sky Mavis balance sheet funds, will ensure that all users are reimbursed. The Ronin Network bridge will open once it has undergone a security upgrade and several audits, which can take several weeks. In the meantime, Binance has opened ETH/USDC withdrawals and deposits which will enable most users to withdraw and deposit. Once the Ronin Network bridge is open, all individual users will be able to withdraw their funds.
Axie Infinity’s scalability can be attributed to Sky Mavis’ underlying infrastructures which include The Mavis Hub, the distribution platform; Ronin, the proprietary Ethereum sidechain; and Katana, a decentralized exchange for Ronin., added: “Sky Mavis is committed to reimbursing all of our users' funds and implementing rigorous internal security measures to prevent future attacks.
In addition to the funding, Sky Mavis and Binance will work together closely on projects that include exclusive Land NFT sales and enable Binance login via The Mavis Hub.