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Sky Mavis raises $150 million to compensate for the Ronin hack

CJ - Cryptocurrency Enthusiast

The blockchain underpinning the popular Ethereum NFT Coins game Axie Infinity was hacked in April, according to reports. A hacker gained access to Sky Mavis' Ronin Network sidechain and exploited it for $622 million.

To date, Sky Mavis has amassed $150 million for the purpose of compensating those who have suffered losses as a result of the breach. Along with other venture capital firms, the investment was led by Binance and featured Animoca Brands, a16z, Dialectic, and Paradigm.

Sky Mavis indicated that it is "in the midst of establishing robust internal security procedures" moving forward. The Ronin sidechain validator nodes that were hacked have been deleted from the network as well.

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