Binance is spearheading a $150 million funding round for Sky Mavis to recover funds stolen in the Ronin bridge hack attack.
Binance invests $150 million in the future of play-to-win games
To recover funds stolen during the last Ronin bridge attack, Binance is behind Axie Infinity, the developer team of Sky Mavis for $150 million announced that it is leading the funding round. Ronin, a critical piece of infrastructure for the Axie Infinity ecosystem, witnessed one of the largest hack attacks in crypto history worth $650 million. He then said that it has suspended all deposits and withdrawals on the Ronin network because Binance supports the Axie Infinity team.
Today, Binance has raised $150 million to recover funds lost in the attack. announced that he was leading the tour. Other participants in the round include Animoca Brands, a16z, Dialectic, Paradigm and Accel, demonstrating growing trust in the project despite critical abuse. On the subject, Changpeng Zhao, CEO of Binance, said:
I hope the global ecosystem continues to evolve and mature, it is imperative that we work together, especially when it comes to our strength, security. We’ve seen the tremendous work and growth of the Sky Mavis team since we worked together on the Axie Infinity project at Binance Launchpad. We believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it is necessary to support them as they work hard to resolve the recent incident.
Sky Mavis CEO, meanwhile, Trung Nguyen said they are determined to repay all funds while implementing “strict internal security measures to prevent future attacks.”
How did the Ronin hack?
On March 23, Sky Mavis’ Ronin volidators nodes and Axie DAO volidators nodes were compromised resulting in the draining of 173,600 Ethereum and 25.5 million USDC from the Ronin bridge. The root cause of the breach was the small node set which made it much easier to compromise the network. After the attack, which resulted in a loss of $ 650 million, Binance’s efforts in the recovery process played a critical role.
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