Sky Mavis, a Vietnam-based company known for creating NFT game Axie Infinity, has raised $150 million. The sum will go to restoring funds stolen from its Ronin Network in the largest hack in cryptocurrency history.
Binance led the $150 million round, with other participants including Animoca Brands, Paradigm, Dialectic, a16z, and Accel.
This sum will be combined with funds on Sky Mavis’ balance sheet to restore $625 million stolen from Ronin Network last month. The hack also made some players flee Axie Infinity, so the company will have to make steps to stop the exodus and retain users.
“Sky Mavis is committed to reimbursing all of our users’ funds and implementing rigorous internal security measures to prevent future attacks,” Sky Mavis CEO Trung Nguyen said in a statement.
The company has already increased the number of validator nodes needed to recognize a transaction from five to 21. Ronin Network will be reopened once it has undergone a security upgrade and several audits.