Sky Mavis Raises $150 Million in Funding Round led by Binance

Sky Mavis, the developer of Axie Infinity has raised $150 million in a funding round led by Binance to restore some of the stolen money from last month’s $625 million crypto heist.

Other than Binance, Animoca Brands, venture capital firms a16z, Dialectic along with Web3 investment firm Paradigm also participated in the fund-raising. 

The company will also contribute balance sheet funds to pay users who were impacted by the massive swindle, which is believed to be one of the biggest crypto heists in the history of crypto.

The CEO and founder of Axie Infinity, Trung Nguyen has said in a statement, “Sky Mavis is committed to reimbursing all of our users’ lost funds and implementing rigorous internal security measures to prevent future attacks.”

In addition, Sky Mavis has implemented new security measures and is undergoing an internal audit that can take weeks. After completing these steps, the Ronin Network Bridge (a blockchain protocol exploited by hackers) will reopen.

Ronin will also get an increase in its so-called validator nodes so it won’t be as vulnerable to hackers in the future. Meanwhile, Binance has fully restored deposits and withdrawals on Ronin after halting them last week and then partially resuming them.