September 27, 2022

Axie Infinity team raises $150M from Binance and other investors


Share this :


The company behind blockchain game Axie Infinity, Sky Mavis, has closed a $150 million funding round led by Binance. The funds will be used to compensate for the losses of users affected by the attack on the Ronin sidechain.

Animoca Brands, a16z, Dialectic, Paradigm and Accel have also invested in the project.

On March 29, the attacker withdrew from the Ronin sidechain “deposits of players and speculators, as well as income from the treasury of Axie Infinity” with a total value of ~$625 million. Later, Sky Mavis promised to return the stolen funds.

The team is working with law enforcement to recover the stolen 56,000 ETH. If these efforts fail, Axie DAO will vote on Treasury’s next steps.

To further decentralize the sidechain, the team will add up to 21 new validators over the next three months. Before the incident, there were nine of them, which facilitated the attack and caused criticism of the development studio.

Access to Ronin will open in a few weeks “after a security update and several rounds of audits.

Binance has added the ability to deposit and withdraw funds in ETH/USDC.

Sky Mavis CEO Trung Nguyen said the studio will release the Origins update on April 7th. The update will improve graphics, game design and storylines.

Recall that at the end of March, the project published a new roadmap with a plan for the transition to “increasing decentralization”.

Previously, Sky Mavis issued the RON governance token for the Axie Infinity sidechain.

Leave a Reply

Your email address will not be published.

error: Content is protected !!