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Sky Mavis raises $150M to compensate for the $625M hack affected users

Axie Infinity Hack

Sky Mavis, the creator of Axie Infinity is raising $150 million to compensate the last week’s hack of $600 million. The news has emerged in wake of the attack which took place last week through Ronin Bridge that led to about 175k ETH stolen from the on-chain network.

Further, Binance is the leading firm to organize and execute the fundraising along with Hong-Kong-based Animoca Brands, a16z, Dialectic, Paradigm, and Accel. The funds will be issued to the users who were severely affected by Ronin Validator Hack. However, Ronin is still under security upgrade and it will take time to execute again like before but with more secure channels. Right now, Sky Mavis is in full swing to implement rigorous security measures so that no breach can take place and avoid future attacks.

Also, Read: NFT gaming platform Axie Infinityโ€™s Ronin Network compromised for $600M

Source: Twitter

The announcement of new fundraising has led to a significant surge of 350% in the prices of Axie Infinity non-fungible tokens (NFTs) in the last 24 hrs. Axie Infinity has always been the popular NFT-based play-to-earn blockchain gaming model. Even after the biggest crypto hack, the platform continues to run with billions of dollars in valuation.

“The new round, combined with Sky Mavis and Axie balance sheet funds, will ensure that all users are reimbursed. The Ronin Network bridge will open once it has undergone a security upgrade and several audits, which can take several weeks.”

Sky Mavis, Axie Infinity

In the meantime, Ronin has always been a popular tool for developers and users to transfer assets from the Ethereum wallet to the gaming platform. According to Sky Mavis, currently, there are 2.6 million users who own Axie non-fungible tokens. Moreover, it serves as the largest NFT community, four times larger than one of the popular NFT collections ‘NBA Top Shot’.

In addition, Sky Mavis is working with law enforcement to recover funds. The 56,000 ETH reserved in Axie DAO treasury will remain unused by the company for a long time going forward. Consequently, the Axie DAO will have to execute a voting system as the next step for the treasury if the stolen funds are not recovered within a stipulated period of two years.

Very recently, the stolen ETH from Ronin Bridge was seen moving into other ETH addresses and towards Tornado Cash. Transactions ranging from 100 ETH to 1000 ETH were recognized from the ‘Ronin Bridge Exploiter 8’ Ethereum address to other user Ethereum addresses. Moreover, a large amount of stolen funds has been transferred to Tornado Cash.

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