Sky Mavis Raise Funding From Binance, Accel & Paradigm Post Axie Infinity’s (AXS & SLP) Ronin Bridge Crypto Hack 2022

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Sky Mavis is a launchpad for blockchain based crypto games. Founded by Jeffery Zirlin, It has created countless metaverse based games, the most notable of which is Axie Infinity. Axie Infinity is an online game universe revolving around creatures known as Axies. It is recognized as a leader in play-to-earn (P2E) gaming. Recently, Sky Mavis was criticized for its handling of the security breach known as the ‘Ronin Bridge’.

Ronin Bridge allows crypto exchange between Ethereum and Axie Side Chain

As previously reported, Axie Infinity: Origin was originally scheduled to launch on April 1, but the team decided to postpone it following the security breach that exposed the Ronin bridge, which allows users to send crypto back and forth between Ethereum (ETH) and Axie’s Ronin sidechain, to more than USD 600m in hacking.All affected users will be reimbursed by the team. Sky Mavis has raised USD 150m in a funding round led by Binance as well as prominent VC firms like Animoca Brands, a16z, Dialectic, Paradigm, and Accel, to restore funds on the Ronin Bridge.

“We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it’s necessary to support them as they work hard to resolve the recent incident,” Binance CEO Changpeng Zhao said.

Hackers took ETH 173,600 (worth USD 550m at the time of the heist) and USDC 25.5m on March 23, after compromising five of Ronin’s nine validator nodes. Sky Mavis will onboard up to 21 validators within the next three months, according to the announcement from Binance. The small number of validators was cited as the root cause of Ronin’s breach.

“Sky Mavis is committed to reimbursing all of our users’ funds and implementing rigorous internal security measures to prevent future attacks,” Sky Mavis’ Nguyen said. “With Binance supporting us, we will be able to expand the validator set from five to 21 on an expedited timeline.

Sky Mavis announces Battles v3 update amidst criticism

The developer of the popular blockchain-based online video game Axie Infinity (AXS) has announced the launch of its much-anticipated update Axie Infinity: Origin in Early Access.  Axie Infinity: Origin, also known as “Battles v3,” is a new battle system that its creators claim will offer players new game mechanics, interfaces, art, special effects, and stories.

Sky Mavis CEO Trung Nguyen was quoted as saying that the team is “purifying the design, making gameplay more efficient, and introducing new mechanics to drive sustainability.” Players will not be able to earn SLP and AXS rewards during the early access, and all progress made will be reset at launch.

Players of Axie Classic (Battles v2) will have the option to play that version and earn SLP and AXS rewards. Meanwhile, reactions to the launch have been mixed. Although some criticized the release of early access, claiming that the company should have released the full launch since it has been working on the update for over a year now, others seem to be enjoying it. Axie Infinity’s official Twitter account has said they will upgrade the current version “quickly in the coming weeks and months.”

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