Binance Is No longer Sky Mavis’s Top Investor, But Still Supporting The Company

Binance confirmed it will no longer lead the investment, claiming that Sky Mavis is now in a position to refund the victims of the Axie Infinity hack without the exchange’s involvement.

Binance significantly reduces investment size in Sky Mavis

Days after North Korean hackers stole $540 million in cryptocurrency from the sidechain supporting Axie Infinity in April, Binance came to the aid of Sky Mavis by announcing that it will spearhead a $150 million investment. The money would be used, along with Sky Mavis’s own cash, to compensate hacking victims.

However, Binance has now officially acknowledged that it is no longer the round’s main investor.

“Since April, Sky Mavis has been able to both stabilise and recover funds. As a result, Sky Mavis is now in a position to cover users’ funds without significant investment from Binance,(…). To this end, Binance will no longer be the lead investor in Sky Mavis. Binance though will continue to support Sky Mavis.”

This exchange spokesperson said

The company would continue to provide advice to Sky Mavis while making an undisclosed investment, the statement stated. Uncertainty surrounds the precise amount the exchange will provide, but a source with knowledge of the situation claimed it will be significantly less than the original commitment.

On June 28, Ronin, the Ethereum-connected sidechain that supports Axie Infinity, was relaunched. When the bridge reopened, according to a Sky Mavis representative, all user payments had been recovered.

“Sky Mavis is in a solid financial position with 150 employees and is still hiring,(…). All investors who committed to the round are still participating.”

The Sky Mavis spokesperson said

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News