Binance has announced that it has led a $150 million funding round for Sky Mavis, creator of Axie Infinity, to return funding to Ronin Bridge, along with Animoca Brands, a16z, Dialectic, Paradigm and Accel. Refunds to users affected by Ronin Validator Hack
On March 23, the Sky Mavis Ronin validator nodes and Axie DAO validator nodes were compromised, resulting in 173,600 Ethereum and 25.5 million USDC stolen from the Ronin Bridge. Sky Mavis will onboard 21 validators within the next three months. This will be split between the various stakeholders in the Axie community and will jointly manage the open source code base.
with this fundraising round Combined with the Sky Mavis balance sheet funds will ensure that all users are refunded. The Ronin Bridge will only open once it undergoes a security upgrade and undergoes multiple audits. This may take several weeks. And in the meantime, Binance has opened ETH/USDC withdrawals and deposits, which will allow most users to withdraw and deposit their funds. Once the Ronin Bridge is opened, each user will be able to withdraw 56,000 ETH from the compromised Axie DAO treasury. It will remain under collateral as Sky Mavis works with law enforcement to recover the money. And if the money is not fully refunded within two years, the Axie DAO will vote on the next step.
Binance CEO CZ (Changpeng Zhao)said, “To grow ecosystems around the world It is imperative that we work together. Especially when it comes to security. which is our strength We have seen tremendous work and growth for the Sky Mavis team since working together on the Axie Infinity project on Binance Launchpad. We strongly believe that Sky Mavis will bring tremendous value and growth for the industry at large. And we believe it is necessary to support them as they work hard to resolve the latest events.”
In addition to the fundraising, Sky Mavis and Binance will work closely together on projects including an exclusive Land NFT sale. and enable Binance login through The Mavis Hub.
refer : LINK
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