A week ago news broke that the NFT blockchain had been compromised. A hacker was able to gain entry into Sky Mavis’ Ronin Network sidechain, pulling a $622 million exploit.

Sky Mavis raised 150 million dollars to help those who suffered from the hack. Binance led the funding round, which also included participation by other venture funds such as Animoca Brands and a16z. Substack posted Wednesday by the company that it will be able to deliver on its promises of reimbursement for affected users through its new raise, as well as funds drawn from its current balance sheet.

Sky Mavis indicated that it was “in the process” of applying rigorous internal security precautions. Sky Mavis also stated that the Ronin sidechain validator Nodes, which were compromised during the hack, have been taken out of the network. The Ronin Network bridge, however, will be closed for several weeks while security improvements and audits are completed.

Sky Mavis has committed to paying all our users their lost funds. In addition, we have implemented strict internal security measures that will prevent any future attacks. Binance, as well as other leaders in the industry, will help us quickly increase the number of validators from 5 to 21 to protect the Ronin network.

Axie Infinity was relieved to hear the news, which led to an increase of more than 350% in its sales volume within 24 hours.

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