Claim Giveaway Token Proof of Reserve

Binance, a cryptocurrency exchange, is among the stakeholders helping

Binance, a cryptocur

Sky Mavis said it will make up the shortfall with a mix 

of its own balance-sheet capital and $150 million obtained from investors.

LONDON, April 6, The business implicated in the heist, Binance, said on Wednesday that it is leading shareholders' contributions to a bailout of victims of a $615 million digital token theft.

Sky Mavis, the Vietnam-based business that hosts the game Axie Infinity, said last week that it had been the victim of one of the greatest crypto heists on record, rendering customers unable to withdraw funds from the game.

Sky Mavis said it will make up the shortfall with a combination of its own balance-sheet cash and $150 million raised from investors such as cryptocurrency exchange Binance and venture capital company Andreessen Horowitz.

"Sky Mavis is dedicated to reimbursing any stolen monies and establishing stringent internal security procedures to avoid future intrusions," stated Trung Nguyen, CEO of sky mavis.

The hijacked portion of the network, a blockchain "bridge" called Ronin that enables users to move cash in and out of the game, will reopen after a security patch and audits that "may take several weeks," according to Sky Mavis.

According to the firm, the "financing round" would allow customers to withdraw and deposit funds.

"We truly think Sky Mavis will offer a lot of value and growth for the wider industry, and we feel it's vital to assist them while they work hard to rectify the current situation," stated Binance CEO Changpeng Zhao.

Binance and Sky Mavis did not specify how much of the $150 million Binance will contribute.

Axie Infinity, a game developed by Sky Mavis, allows its 2.2 million players to buy and sell in-game assets in the form of NFTs, which they fight for in order to earn cryptocurrency tokens.

"While racing towards widespread acceptance, we made several trade-offs that left us exposed to this type of assault," according to a blog post on the Axie Infinity website announcing the fundraise. "It's a lesson we had to learn the hard way."

Hacks have long plagued the $2.1 trillion cryptocurrency business, which witnessed a surge in investment during the Covid-19 outbreak.

Wormhole, a cryptocurrency network, was robbed of $320 million in February, making it one of the greatest crypto heists ever. Jump Trading's cryptocurrency arm, which had just bought Wormhole's developer, donated monies to compensate for the stolen funds.

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