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Binance Supports Sky Mavis to Restore Funds on the Ronin Bridge -Breaking

by Mike Robinson

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Binance supports Sky Mavis in restoring funds to the Ronin Bridge
  • Binance raises $150M to help Sky Mavis recover from the attack.
  • Axie Infinity’s Ronin lost over $600M in a hacker’s attack on March 23.
  • NFT platforms have been widely adopted because they are the most traded in NFT game ecosystems.

Binance is leading a $150 Million USD financing round for Sky Mavis. Sky Mavis is the creator of the most popular NFT breakout title Axie Infinity. This funding round will help to restore funds on the Ronin Bridge. Detail: The round saw Accel, Paradigm Paradigm, Dialectic and Paradigm attend.

As Sky Mavis joins 21 validators, the funds will be used for users who were compromised by Ronin Validator. To manage an open-source source codebase, stakeholders will be able to share these validators.

The new round will reimburse all users. After a security upgrade, the Ronin Network bridge is ready to open in just a few weeks.

To allow customers to make transactions, Binance allows withdrawals of ETH/USDC and deposits. Users can withdraw funds easily once the Ronin Network bridge has been operational.

Changpeng Zhao from Binance stated that the international ecosystem needs to flourish and develop. He said it was crucial that everyone works together especially in security.

Sky Mavis will work with Binance to sell Land NFT and to allow Binance to be connected through The Mavis Hub. Sky Mavis’ CEO Trung Nauyen said:

Binance will support us in expanding the Validator Set from 5 to 21 within a short timeline. This ensures security for the Ronin network. As a team, we have made an intentional decision to focus on what lies ahead, starting with tomorrow’s launch of Axie Infinity: Origin. Binance NFT is also a great partner for future projects.

AxieInfinity is the NFT gaming platform’s largest ecosystem, according to total traded volume. This has helped mass adoption. Axie Infinity gamers have good news: the long-awaited Origin update, which is available in early access, has arrived!

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