News of Sky Mavis raising US$150 million to compensate users following the around US$600 million hack on its Ronin Bridge led to a surge in Axie non-fungible tokens (NFT) sales.

See related article: Axie Infinity blockchain Ronin hacked for over $600M

Fast facts

  • Binance leads the round along with Hong Kong-based Animoca Brands, a16z, Dialectic, Paradigm, and Accel. 
  • Combined with Sky Mavis’ balance sheet, the funds will be used to ensure all users affected by the Ronin Validator Hack are reimbursed.
  • Ronin Network bridge will open after a security upgrade and several audits, says Sky Mavis. This could take several weeks.
  • Sky Mavis is implementing rigorous internal security measures to prevent future attacks, the firm says.
  • The announcements led to a more than 350% surge in sales of Axie Infinity’s non-fungible tokens (NFT) collection in 24 hours. 
  • On March 23, an attacker gained access to Sky Mavis’ and Axie DAO’s (decentralized autonomous organization) Ronin validator nodes, draining 173,600 Ethereum and 25.5 mln USDC from the Ronin Bridge.

See related article: Ronin hack proceeds seen headed to Tornado Cash