![]() ![]() This article is provided for informational purposes only. One of the world’s largest play-to-earn crypto games, Axie Infinity boasted 2.7 million daily active users and $214 million in weekly trading volume for its in-game NFTs in November last year, but those numbers have plummeted recently. Last week, The Block revealed that the Ronin exploit was made possible after a senior engineer at Sky Mavis fell victim to a spear phishing attack in the form of a fake job offer. “All investors who committed to the round are still participating.”Īnimoca Brands, a16z, Dialectic and Paradigm all participated in the April fundraise alongside Binance. “Sky Mavis is in a solid financial position with 150 employees and is still hiring,” said the Sky Mavis spokesperson. A spokesperson for Sky Mavis said that all user funds had been restored by the time the bridge reopened. Ronin, the Ethereum-linked sidechain that underpins Axie Infinity, was relaunched on June 28. While the exact amount the exchange will invest is unclear, a person with knowledge of the matter said it is substantially less than the initial commitment. The company will invest an undisclosed sum in Sky Mavis while continuing to advise the startup, the spokesperson added. Binance though will continue to support Sky Mavis.” “To this end, Binance will no longer be the lead investor in Sky Mavis. As a result, Sky Mavis is now in a position to cover users’ funds without significant investment from Binance,” said a Binance spokesperson. “Since April, Sky Mavis has been able to both stabilise and recover funds. The plan was to use the funds, alongside Sky Mavis’s own capital, to reimburse victims of the hack.īut Binance confirmed today that it is no longer the lead investor in the round. In April, days after North Korean hackers stole $540 million in crypto from the sidechain that supports Axie Infinity, Binance rode to the rescue by announcing that it would lead a $150 million investment in Sky Mavis. Over 2.6 million users own Axie NFTs, which Sky Mavis said is four times more than the next largest NFT project.Binance has significantly reduced the size of its investment in Axie Infinity developer Sky Mavis. ![]() Meanwhile, Binance has fully restored deposits and withdrawals on Ronin after halting them last week then partially resuming them.Īxie Infinity is the most-played NFT game of all time. Ronin will also get an increase in its so-called validator nodes, which are proof-of-stake tools that confirm transactions, so they won't be as vulnerable to hackers in the future. ![]() After these steps are completed, the Ronin Network bridge - the blockchain protocol the hacker exploited - will reopen. "Sky Mavis is committed to reimbursing all of our users' lost funds and implementing rigorous internal security measures to prevent future attacks," CEO Trung Nguyen said in a Wednesday statement.Īdditionally, Sky Mavis is implementing new security measures and going through internal audits, which can take several weeks. Sky Mavis and Axie Infinity will also contribute balance sheet funds toward paying users who were impacted by the massive swindle, which is believed to be one of the biggest in the history of crypto. ![]()
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