{"id":230218,"date":"2022-04-06T18:30:28","date_gmt":"2022-04-06T17:30:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=230218"},"modified":"2022-04-06T19:35:45","modified_gmt":"2022-04-06T18:35:45","slug":"axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack\/","title":{"rendered":"Axie Infinity devs raise $150M to compensate users for Ronin Network hack"},"content":{"rendered":"<p><span style=\"font-weight: 400\"><a href=\"https:\/\/cryptoslate.com\/companies\/sky-mavis\/\">Sky Mavis<\/a>, the company behind blockchain-based game <a href=\"https:\/\/cryptoslate.com\/products\/axie-infinity\/\">Axie Infinity<\/a>, has successfully closed a new $150 million funding round led by crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a>, according to a press release shared with <\/span><i><span style=\"font-weight: 400\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400\"> today.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Always have, always will be there for our Labs family member! <a href=\"https:\/\/twitter.com\/SkyMavisHQ?ref_src=twsrc%5Etfw\">@SkyMavisHQ<\/a> <a href=\"https:\/\/twitter.com\/AxieInfinity?ref_src=twsrc%5Etfw\">@AxieInfinity<\/a> \ud83d\ude4c\ud83e\udec2 Looking forward to our LONG way ahead together.<a href=\"https:\/\/t.co\/218hdGRYm2\">https:\/\/t.co\/218hdGRYm2<\/a><\/p>\n<p>&mdash; Binance Labs Fund (@BinanceLabs) <a href=\"https:\/\/twitter.com\/BinanceLabs\/status\/1511646534110105602?ref_src=twsrc%5Etfw\">April 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Per the announcement, the fresh injection of funds, combined with Sky Mavis and Axie Infinity\u2019s own balance sheets, should help the firm reimburse users who were affected by the recent <a href=\"https:\/\/cryptoslate.com\/axie-infinity-developers-ronin-network-loses-615-million-to-hackers\/\">$615 million hack<\/a> of its Layer-2 <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> sidechain Ronin Network. Sky Mavis CEO Trung Nguyen explained:<\/span><\/p>\n<blockquote><p><strong>\u201cSky Mavis is committed to reimbursing all of our users' lost funds and implementing rigorous internal security measures to prevent future attacks. With the support of Binance and other industry leaders, we will be able to quickly expand the validator set from five to 21 validators to ensure the security of the Ronin network.\u201d<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Apart from Binance, the list of fundraiser participants also included companies such as Animoca Brands, a16z (Andreessen Horowitz), Dialectic, Paradigm, and Accel.<\/span><\/p>\n<h2>Biggest hack in DeFi<\/h2>\n<p><span style=\"font-weight: 400\">As <\/span><i><span style=\"font-weight: 400\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400\"> reported on March 29, Ronin Network, an Ethereum-based sidechain created by Sky Mavis to support its popular non-fungible token-based game Axie Infinity, has been <\/span><span style=\"font-weight: 400\">exploited by an unknown hacker<\/span><span style=\"font-weight: 400\"> and lost 173,600 Ethereum as well as 25.5 million USDC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time, the Ronin chain comprised nine validator nodes, five of which were required to provide their signatures for any deposit of withdrawal to proceed. As part of their attack, the hacker managed to gain control over four such nodes and used an additional third-party validator run by Axie DAO to substitute the fifth. Sky Mavis recollected in its funding announcement:<\/span><\/p>\n<blockquote><p><strong>\u201cThe attack was socially engineered, and a thorough investigation is ongoing. The root cause of the breach was the small validator set which made it much easier to compromise the network. Sky Mavis will increase the validator group to 21 validators within the next three months.\u201d<\/strong><\/p><\/blockquote>\n<h2>Security overhaul<\/h2>\n<p><span style=\"font-weight: 400\">Moving forward, the company now plans to combine the new funds with its own assets to \u201censure that all users are able to withdraw and deposit freely.\u201d Additionally, the Ronin Network will be undergoing a security upgrade and several audits over the next \u201cseveral weeks.\u201d<\/span><\/p>\n<blockquote><p><strong>\u201cOnce the Ronin Network bridge is open, all individual users will be able to withdraw their funds. The 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralized as Sky Mavis works with law enforcement to recover the funds.\u201d<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Finally, if the stolen funds won\u2019t be fully recovered within the next two years, the Axie DAO \u201cwill vote on next steps for the treasury.\u201d<\/span><\/p>\n<h2>Can't please everyone<\/h2>\n<p><span style=\"font-weight: 400\">At the same time, not all Crypto Twitter users were happy with the fundraiser. For example, Bitfinex\u2019ed, known for his long-standing criticism of USDT stablecoins, opined that Sky Mavis was \u201cbailed out by fraudulent Tether exchange\u201d and \u201cif you\u2019re holding crypto on Binance, you\u2019re bailing out Axie,\u201d adding:<\/span><\/p>\n<blockquote><p><strong>\u201cIt costs them nothing to bail out bad projects, and they can just make money by pumping and dumping the tokens\u2026It's only 1\/4th of the loss. Not a problem. In reality, they'll buy a few shitcoins, inflate the prices, and quickly quadruple the money by facilitating a few fraudulent pump and dump frauds.\u201d<\/strong><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Axie Bailed out by fraudulent Tether exchange. If you\u2019re holding crypto on binance, you\u2019re bailing out Axie.<\/p>\n<p>It costs them nothing to bail out bad projects, and they can just make money by pumping and dumping the tokens. <a href=\"https:\/\/t.co\/0cqVSdEz4Q\">pic.twitter.com\/0cqVSdEz4Q<\/a><\/p>\n<p>&mdash; Bitfinex\u2019ed \ud83d\udd25 \u039a\u03b1\u03c3\u03c3\u03ac\u03bd\u03b4\u03c1\u03b1 \ud83c\udffa\ud83c\uddfa\ud83c\udde6 (@Bitfinexed) <a href=\"https:\/\/twitter.com\/Bitfinexed\/status\/1511660029698584582?ref_src=twsrc%5Etfw\">April 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Whatever the case may be, at least the regular users likely won\u2019t have to suffer significant losses due the Ronin Network\u2019s security breach\u2014and that\u2019s\u00a0 arguably a \u201cwin\u201d by itself.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sky Mavis, the company behind blockchain-based game Axie Infinity, has successfully closed a new $150 million funding round led by crypto exchange Binance, according to a press release shared with CryptoSlate today. Always have, always will be there for our Labs family member! @SkyMavisHQ @AxieInfinity \ud83d\ude4c\ud83e\udec2 Looking forward to our LONG way ahead together.https:\/\/t.co\/218hdGRYm2 &mdash; [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":230301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16041,35372,76232],"tags":[60923],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Axie Infinity devs raise $150M to compensate users for Ronin Network hack<\/title>\n<meta name=\"description\" content=\"Led by Binance, the new funding round should help Sky Mavis soften the blowback to Axie Infinity from possibly the biggest hack in DeFi.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Axie Infinity devs raise $150M to compensate users for Ronin Network hack\" \/>\n<meta property=\"og:description\" content=\"Led by Binance, the new funding round should help Sky Mavis soften the blowback to Axie Infinity from possibly the biggest hack in DeFi.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-06T17:30:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-06T18:35:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/image_2022-04-06_214109835.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/axie-infinity-devs-raise-150m-to-compensate-users-for-ronin-network-hack\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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