Sky Mavis, creator of the popular non-fungible token-based game Axie Infinity, has raised $150 million in a new funding round led by Binance.
The fundraiser aims to recover lost funds from the recent attack on the Ronin Axie Infinity Bridge, resulting in over $600 million in losses. Animoca Brands, a16z, Dialectic, Paradigm and Accel also participated in the funding round.
As previously reported, the researcher behind the hack managed to withdraw 173,600 Ethereum (ETH) and 25.5 million USD (USDC) in just two transactions using compromised private keys. At the time, the creators of the NFT game promised that they would either try to recover all lost funds or refund users with the help of their investors.
In addition to the $150 million raised, the remaining amount will be recovered from the balance sheet of Sky Mavis and Axie Infinity. The developers also determined that the small set of validators on Axie DAO was the root cause of the exploit, and they decided to increase the number of validator groups to 21 within the next three months.
The developers of the project estimate that it could be several weeks before the Ronin Bridge becomes active again as they work on a security update and subsequent audits before reopening it to users. In the meantime, Binance is helping Axie Inifitny users deposit and withdraw ETH on the Ronin network.
Related: Axie Infinity (AXS) price reverses course with 50%+ gain ahead of Origin launch
If the stolen funds are not returned within two years, Axie DAO will vote on the next steps for its treasury. Binance and Sky Mavis did not respond to requests for comment from Cointelegraph at the time of publication.
Many in the crypto community believed that the hacker behind the Ronin Bridge exploit would eventually recover the funds, as did the exploiter Poly Network. However, there has been no evidence of such communication between game developers and hackers so far.
The exploiter account Axie Infinity has begun transferring funds to coin mixer services such as Tornado Cash in an attempt to launder the stolen funds. However, it is important to note that network exploiter Poly initially did the same but eventually decided to return the funds as laundering such a large amount was becoming increasingly difficult.
The address of the hacker who stole $610 million in the Ronin_Network case started moving, transferring 1,000 ETH to another address and then 200 ETH to TornadoCash. https://t.co/7RYHCmwght — Wu Blockchain (@WuBlockchain) April 4, 2022