The world’s largest cryptocurrency exchange Binance announces that it no longer will be the lead investor in Axie Infinity’s Sky Mavis. Binance would still invest in SkyMavis but its quantum isn’t known yet.
The Axie Infinity lead developer SkyMavis is now capable of solo repaying the $600 million hacking victims, claims Binance.
“To this end, Binance will no longer be the lead investor in SkyMavis. Binance, though, will continue to support Sky Mavis,” says a Binance spokesperson.
Binance’s earlier $150 million SkyMavis investment was to be used together with SkyMavis’ own funds to repay the North Korean group-led hacking victims.
“Since April, SkyMavis has been able to both stabilize and recover funds. As a result, SkyMavis is now in a position to cover users’ funds without significant investment from Binance,” as per a Binance spokesperson.
Also read: SkyMavis Announces Relaunch of Ronin Network
A SkyMavis spokesperson says, “SkyMavis is in a solid financial position with 150 employees and is still hiring. All investors who committed to the round are still participating.”
After enduring a devastating $620 million hack, Ronin, an Axie Infinity sidechain, got relaunched on June 28. Prior to the relaunch, a Sky Mavis spokesperson confirmed restoration of user funds in totality.
The hacking event in question emanated from a fake job offer-led phishing attack alluring Sky Mavis’ senior engineer.
