The Sky Mavis-backed company behind the blockchain game Axie Infinity has closed a $150 million funding round led by Binance. The funds will be used to reimburse losses suffered by users as a result of the attack on the Ronin sidechain.
Always have, always will be there for our Labs family member! @SkyMavisHQ @AxieInfinity 🙌🫂 Looking forward to our LONG way ahead together.https://t.co/218hdGRYm2
— Binance Labs Fund (@BinanceLabs) April 6, 2022
The round also included investments from Animoca Brands, a16z, Dialectic, Paradigm, and Accel.
On March 29, a hacker withdrew from the Ronin sidechain ‘the deposits of players and speculators, as well as the revenues of the Axie Infinity treasury’, totaling about $625 million. Sky Mavis later pledged to return the stolen funds.
The team is working with law enforcement to recover the stolen 56,000 ETH. If these efforts do not yield a positive result, Axie DAO will vote on further treasury steps.
To increase the sidechain’s decentralisation, the team will add up to 21 new validators over the next three months. Before the incident there were nine, which facilitated the attack and drew criticisms of the developers.
Access to Ronin will be restored in a few weeks, after updating the security system and conducting several rounds of audits.
Binance added the ability to deposit and withdraw funds in ETH/USDC.
Sky Mavis CEO Trung Nguyen said that on April 7 the studio will release the Origins update. The update will improve graphics, gameplay design and storylines.
In late March, the project published a new roadmap outlining a plan to move toward increasing decentralisation.
Earlier, Sky Mavis released the governance token RON for the Axie Infinity sidechain.
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