$150 Million Fund Raised to Recover Sky Mavis’ Ronin Bridge Breach

Tue, 12 Apr 2022 11:16:35 +0000

Sky Mavis Funds Raised Ronin Breach

Sky Mavis, the company behind the popular play-to-earn ecosystem of Axie Infinity, has raised $150 million in an effort to reimburse the victims and overall damage to the ecosystem which was made during last month’s Ronin Bridge breach. Web3 powerhouse Binance led the funding round, with contributions from other P2E big-hitters such as Animoca Brands, a16z, Dialectic, Paradigm and Accel, being observed.

The company declared that with the new funds, all of the users involved in the monumental, $600 million-valued heist, will be reimbursed via a phased financial roll-out plan (with more details yet to be revealed). The Vietnamese-founded company will also be looking to recoup its own stolen assets, however, tedious work alongside law enforcement is being made in order to recover an amount of 56,000 under-collateralised ETH.

With such plans in place, the Ronin Network bridge, which has remained inactive since the exploit, will be reopened in several weeks’ time once a selection of rigorous internal security audits have been implemented.

When speaking on the measures, Sky Mavis’ CEO Trung Nguyen said: “With the support of Binance and other industry leaders, we will be able to quickly expand the validator set from five to 21 validators to ensure the security of the Ronin network”. 

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