Axie Infinity Ronin Hack: Sky Mavis Raises $150M from Binance, Animoca to Reimburse Victims

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Axie Infinity developer Sky Mavis announced it has raised $150 million (₱7.7 billion as of this writing) in a funding round led by Binance and participated by Animoca Brands, a16z, Dialectic, Paradigm, and Accel. The fund will be used primarily to reimburse Axie Infinity players and users affected by the Ronin Hack that happened last week.

What happened? 

Sky Mavis announced on March 23 that Ronin, its Ethereum sidechain where Axie-related activities and transactions occur, have been compromised via a social engineering attack. This resulted to 173,600 ETH and 25.5 million USDC to be drained from the Ronin Bridge, which acts as the connection between Ronin and the main Ethereum network. 

“The new funding round, combined with Sky Mavis & Axie Infinity balance sheet funds, will ensure that all users are able to withdraw and deposit freely,” Sky Mavis said in a statement.

What is Sky Mavis doing? 

In addition to the funding round, Sky Mavis commits to adding more validators (entities that validate transactions in Ronin) to keep it more secure. (There were only 9 validators previously.)

What else is happening? 

Sky Mavis and Binance will also work to do exclusive Land sales. A Binance login will also be enabled on the Mavis Hub, which is a desktop client like Steam where users can download and play Axie Infinity and other exclusive games in the future.

When Origin? 

Sky Mavis will launch Origin, the next iteration of Axie Infinity on April 7, 2022.

Despite the recent setback, Axie and Ronin maintain the leadership position in the NFT space, with Axie being the number one NFT game and Ronin processing more transactions than all other other chains except Ethereum.

Ronin wallet has been downloaded 3 million times according to Sky Mavis.

This article is published on BitPinas: Axie Infinity Ronin Hack: Sky Mavis Raises $150M from Binance, Animoca to Reimburse Hack Victims

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