Sky Mavis raises $150M led by Binance, funds to be restored on the Ronin bridge

• On April 6 Axie Infinity announced a $150 million funding round led by Binance, with participation from Animoca Brands, a16z, Dialectic, and Paradigm.
• The round combined with Sky Mavis balance sheet funds will be used to ensure that all users affected by the Ronin Validator Hack will be reimbursed.
• Sky Mavis is in the process of implementing rigorous internal security measures to prevent future attacks.

Axie Infinity revealed on April 6 that they have raised $150 million from a funding round. The funding round was led by crypto exchange Binance, with participation from Animoca Brands, a16z, Dialectic, Paradigm and Accel.

Funds from this round will be used to reimburse user funds affected by the Ronin Validator Hack.

On March 23, Sky Mavis' Ronin validator nodes and Axie DAO validator nodes were exploited resulting in 173,600 ETH and 25.5 million USDC being stolen from the Ronin bridge.