Sky Mavis Raised $150М to Cover The Ronin Bridge Hack

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Following the Ronin Network Hack on March 23rd, Axie Infinity has raised $150 millions to cover up the losses. The funds will be restored on the Ronin bridge, as stated on Axie Infinity Twitter

The first USD funding round was led by crypto exchange Binance, supported by Animoca Brands, Paradigm, Dialectic and a16z. The next funding round will supposedly be used to reimburse the users affected by the hacker attack. 

On March 23rd 173,600 Ethereum and 25.5M USDC were drained from the from The Ronin Bridge in two transactions, which was equivalent to approximately $600 million in the days the transactions were executed. The investigation is ongoing. The Ronin Network Bridge is currently closed and has undertaken audits and a security update. Sky Mavis is also under the process of accomplishment of new internal security measures. 

Meanwhile, crypto community remains confused by the loss of 56,000 ETH from the Axie DAO, which were claimed to be undercollateralized during Sky Mavis’ work with law enforcements, aiming to recover the funds. 

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Valeria Goncharenko

Valeria is a writer and creator, passionate about Web3, marketing, and fashion. She dedicates her spare time to photography and art direction and has recently minted an NFT collection.

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