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 Ecosystem

Binance Leads $150M Funding Round of Sky Mavis

Binance has announced that it has led the latest funding round of $150 million in Sky Mavis to recover funds lost to Ronin Bridge due to the hack of the validator node.

Sky Mavis is the development team of Axie Infinity, a popular NFT project.

Other participating institutions in this round include: Animoca Brands, a16z, Dialectic, Paradigm and Accel.

On March 23, Sky Mavis’ Ronin verification node and Axie DAO verification node were attacked, resulting in the loss of 173,600 Ethereum and 25.5 million USDC on the Ronin bridge.

The attack was a social engineering attack and is still under thorough investigation.

The set of verification nodes is too small and the network is more likely to be paralyzed, which is the root cause of this attack.

To this end, Sky Mavis will go live with up to 21 validating nodes over the next three months.

Nodes will be distributed in the Axie community, and each node will jointly manage the open source code base.

The new round of investment, combined with the existing funding of Sky Mavis, ensures that all users are compensated for their losses. The Ronin Network Bridge will reopen after several weeks of security upgrades and reviews.

At the same time, Binance has also opened ETH/USDC withdrawal and deposit services for most users.

After the Ronin network bridge is opened, all individual users can withdraw.

The 56,000 ETH lost in the Axie DAO vault will remain low-collateralized until Sky Mavis and law enforcement jointly recover the funds.

If the funds are not recovered in full within two years, the Axie DAO will vote on the next steps of the treasury.

Axie Infinity is the NFT game ecosystem with the largest transaction volume and has contributed to accelerating the popularization of NFT game platforms.

Axie Infinity’s scalability benefits from Sky Mavis’ underlying infrastructure, including the distributed platform Mavis Hub, Ethereum’s dedicated sidechain Ronin, and Ronin’s decentralized exchange platform Katana.

In addition to this round of investment, Sky Mavis and Binance will also work closely on projects, including the exclusive sale of Land NFT, and the Binance platform through The Mavis Hub.

Go to Binance Official Website