Sky Mavis Raises $150 Million to Reimburse Axie Infinity Players

Sky Mavis, the Vietnamese gaming studio behind the popular play-to-earn game Axie Infinity has just secured $150 million in funding.

Binance, one of the leading cryptocurrency exchanges has led the funding round, with the total capital raised by Sky Mavis to date reaching $311 million.

Other companies participating and investing capital were Animoca Brands, Accel, and Paradigm.

Sky Mavis to Use Funds for Reimbursement

All these funds will be used by the game company to reimburse back the players who have lost funds during a $625 million hack that has affected the game and has left users with 0 money in their balance.

The attack was carried out on the Ronin platform that supports which allows the game to support Ethereum transactions.

In the meantime, Sky Mavis is working tirelessly to secure the Ronin platform and the game over the next couple of weeks to make sure that this type of attack doesn’t happen again.

With help from Binance, players can now withdraw and deposit ETH (Ethereum) freely, but also allow players in the future to buy land and other projects of that nature in Axie Infinity.

The Mavis Hub will also support Binance as a login system, allowing users already registered with the crypto exchange titan to skip other account registrations.

In a recent statement, Binance CEO Changpeng Zhao had this to say:

In order for the global ecosystem to continue thriving and maturing, it is imperative that we work together, especially when it comes to security, which is our strong suit. We have seen the tremendous work and growth of the Sky Mavis team since working together on the Axie Infinity project on Binance Launchpad.

Sky Mavis’ revenue for the past 12 months was $1.3 billion and the game Axie Infinity registered over $1.6 billion worth of Ethereum in their community treasury.

However, the game’s treasury has lost over 56,000 ETH in the hack which was attributed to a security breach during which a few keys used to validate transactions were stolen by the attackers.

That’s about $180,000,000 using today’s currency exchange of ETH to USD.

While these kinds of attacks are rare, we hope that Sky Mavis fixes and severely upgrades its security and network over the following weeks.

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