Sky Mavis, creator of the popular non-fungible game Axie Infinity, has raised $150 million in a new funding round led by Binance.
The fundraising aims to recover funds lost from the recent exploitation on the Ronin Axie Infinity Bridge that resulted in over $600 million in losses. Animoca Brands, A16Z, Dialectic, Paradigm and Axel also participated in the funding round.
As previously reported by Cointelegraph, the researcher behind the hack was able to withdraw 173,600 Ethereum (ETH) and $25.5 million (USDC) in just two transactions using the hacked private keys. At the time, the creators of the NFT game promised that they would either try to recover all the lost money or get the money back to users with the help of their investors.
In addition to the $150 million raised, the remainder of Sky Mavis and Axie Infinity’s balance sheet will be recovered. The developers also mentioned that the small pool of validators in Axie DAO was the root cause of the use, and they decided to increase the number of validator pools to 21 over the next three months.
The project developers estimate that it may take several weeks before the Ronin Bridge becomes active again as they work on a security update and subsequent reviews before it can be reopened to users. Meanwhile, Binance Axie is helping Inifitny users install and remove ETH on the Ronin network.
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If the stolen money is not returned within two years, Axie DAO will vote on the next steps for the Treasury. Binance and Sky Mavis have not responded to requests for comment from Cointelegraph at the time of publication.
Many in the crypto community believe that the hacker behind the Ronin Bridge exploit will eventually get his money back, as did the Poly Network exploit. However, there is no evidence of such communication between game developers and hackers so far.
User account Axie Infinity has started transferring money to coin mixing services like Tornado Cash in an effort to launder the stolen money. However, it is important to note that network exploiter Poly initially did the same, but eventually decided to return the money as it became increasingly difficult to launder such a large amount.