This article is from www.blocknews.com.br and the original article can he read here in Portuguese
Binance launched Axie Infinity, which now helps to pull itself together.
Binance, the world’s largest cryptocurrency exchange, led a $150 million investment round in Sky Mavis, creator of Axie Infinity, the leading non-fungible token play-to-earn game ( NFTs). The contribution comes after the hacking attack that Axie suffered on the 23rd. The objective, therefore, is to restore funds from the Ronin Bridge, which allows users to transfer funds from the Ronin network to Ethrhereum.
In addition, Binance NFT and the game’s creator Sky Mavis will partner on projects that include exclusive Land NFT sales (Metaverse Land Sales) and allowing access to Binance through The Mavis Hub. Axie was launched on the Binance platform.
With the contribution, the resources will go towards the reimbursement of users who lost money with the theft. In total, the hackers stole the equivalent of US$ 624 million (about R$ 3.220 billion). There were 173.6 thousand ethereum and 25.5 million USDC. In addition to Binance, the funds Animoca Brands, a16z, Dialectic, Paradigm and Accel participated in the contribution.
According to Binance, the small pool of validators – just five – compromised Axie’s security. Therefore, Sky Mavis will integrate up to 21 validators over the next three months. These include stakeholders from the Axie community, who will manage an open source foundation.
In addition to the new contribution, Sky Marvis will use its reserve fund to reimburse all users. The Ronin Network Bridge is closed for security updates and audits, a process that can take weeks.
Meanwhile, Binance has opened withdrawals and deposits in Ethereum (ETH) and
USD Coin (USDC), so that transactions are carried out by most
users. Once the Ronin network bridge is open, all unique users will be able to withdraw their funds. The pledged 56,000 ETH from Axie DAO’s treasury will remain under-guaranteed as Sky Mavis works with authorities to recover these funds.
According to Binance’s statement, if they are not fully recovered within two years, Axie DAO will take the next steps for the resources to a vote. “Sky Mavis is committed to refunding all funds to our users and implementing strict internal security measures to prevent future attacks. With the support of Binance, we will be able to expand the pool of validators from five to 21 on an accelerated schedule, which ensures the security of the Ronin network,” said Sky Mavis CEO Trung Nguyen.
“We have seen tremendous commitment and growth from the Sky Mavis team since working together on the Axie Infinity project via Binance Launchpad. We strongly believe that the
Sky Mavis will bring a lot of value and growth to the industry as a whole and
We believe it is necessary to support them as they work hard to resolve the recent incident,” said Binance CEO Changpeng Zhao.
The Axie Infinity ecosystem includes the Mavis Hub distribution platform, Ronin, a proprietary transaction network, and Katana, a
decentralized exchange for Ronin.