Binance saves Sky Mavis, the creator of Axie Infinity after hack

[bbc.reporter]

Every player of Axie Infinity can presently relax after the loss of $600 million which was caused by an exploit a hacker used to take advantage of the Ronin sidechain and steal ETH and USDC. Binance has lead a $150 million funding round to restore some of the stolen funds and help build an sustainable ecosystem for Ronin.

Also, there are rumors that the hack was an inside job by one of Axie's developers.



Binance is happy to announce that it has led a $150 million USD funding round of Sky Mavis, the creator of leading NFT breakout title Axie Infinity, to restore funds on the Ronin Bridge, with participation of Animoca Brands, a16z, Dialectic, Paradigm and Accel. The round will be used to reimburse user funds affected by the Ronin Validator Hack.

On March 23, Sky Mavis’ Ronin validator nodes and Axie DAO validator nodes were compromised resulting in 173,600 Ethereum and 25.5 million USDC drained from the Ronin bridge. The attack was socially engineered, and a thorough investigation is ongoing. The root cause of the breach was the small validator set which made it much easier to compromise the network. Sky Mavis will onboard up to 21 validators within the next three months, which will be a split between various stakeholders in the Axie community, and will together manage an open-source codebase.

Read in full https://www.binance.com/en/blog/ecosystem/binance-leads-$150m-funding-round-of-sky-mavis-the-creator-of-axie-infinity-to-restore-funds-on-the-ronin-bridge-and-to-build-a-sustainable-global-ecosystem-421499824684903659

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[Kemarit]

It's good to hear though that Binance is in the rescue of Axie after that hack.

And it's interesting that this is somewhat an inside job? Because that's really sad and there's no way that you are going to stop it if the criminals is inside.

But yeah this is a welcoming news because even our holders and traders of Axie in our local exchanges have lost money too in this hack.

[avikz]

Hacks and thefts are becoming increasingly common practice in crypto industry. A downside of a decentralized economy where enforcement and security agencies have practically no control over it. There's no way to recover the stolen funds unlike banking channels. So it's a good news that Binance has come to the rescue of Axie founder and initiated a funding event which led to 150 million USD funding. But how much stocks Axie founder had to dilute after this funding round? Some damages are irreparable!

[Eternad]

I don't know if it's good or not because they still lose the funds and this funding round of Binance is just a nand aid solution to issue. This investors of 150M usd didn't invest there moneyfor nothing. Ofcourse they will get something in exchange for that money and dump on the AXS and SLP holders gradually. This is some bullshit show of CZ trying to be a good samaritan yet he will be ripping money lf AXS investor in the long run. I will definitely avoid this token if I were you.

[Dr.Osh]

Well, not many people can resist the temptation of that kind of money, but I hope that person is found soon. however, it's great to hear that binance is helping with this issue. that's a lot of money. no wonder a few days ago i heard a problem with some axie players.
I'm just curious where the rumors came from. is that just wild speculation, or is there some evidence that makes people think that way. Well, this might be a little interesting to explore. however, i agree that it is very difficult to recover hacked assets unless they get the person who did the hack. Binance made another great move by helping Axie out of the brink of collapse.

[cryptoaddictchie]

I don't know if it's good or not because they still lose the funds and this funding round of Binance is just a nand aid solution to issue. This investors of 150M usd didn't invest there moneyfor nothing. Ofcourse they will get something in exchange for that money and dump on the AXS and SLP holders gradually. This is some bullshit show of CZ trying to be a good samaritan yet he will be ripping money lf AXS investor in the long run. I will definitely avoid this token if I were you.

I think its a good thing that happened. How comr axie can recover with such mess anyway. We all knew they invested for something in return, with that said, Im sure Binance will definitely help axie back to their feet and assist on all types of progress. Thats assuming ron will be listed on their cex sooner or later.

It sounds like CZ is a scammer or opportunist  with that tone, however, would you rather let axie go down straightly, imagine how many users and investors are here hoping for its comeback.

[MFahad]

Very positive work by binance and welcome to Axie Creators. Infact this is the reason why Axie not got down much and price of token still showing potential. This hacked was very big and it could Axie project down but they recover very quickly.
Is there any way to avoid these hacking?

[Erumo]

This is not a save, this is an investment. Binance is not a charity organization to help other projects just like that. I am sure Binance will gext a partial ownership of Axie Infinity in exchange for these 150$ millions. Or Axie Infinity devs will integrate a crossing to Binance, every time player need to buy, sell or trade something.

[bittraffic]

I don't know if it's good or not because they still lose the funds and this funding round of Binance is just a nand aid solution to issue. This investors of 150M usd didn't invest there moneyfor nothing. Ofcourse they will get something in exchange for that money and dump on the AXS and SLP holders gradually. This is some bullshit show of CZ trying to be a good samaritan yet he will be ripping money lf AXS investor in the long run. I will definitely avoid this token if I were you.

It probably will recover soon and the prices will come back surpassing the ATH. There are so many players to this game and investors are betting to make the economy great again. I'm not a gamers but I see there are more gamers to come wanting to be part of it. This market has yet to grow more and the developers will likely to improve its security and the gaming experience.

Also, there are rumors that the hack was an inside job by one of Axie's developers.

Have they identify this disgruntled developer?

[Crypt0Gore]

It's always an inside job, most hackers are one of the builders themselves, there is no pencil without the erasers isn't it? Any way a round of applause for binance CEO, that man is one of a kind I wish all crypto projects CEO are like him or at least learn from him.

[PrivacyG]

This is not a save, this is an investment. Binance is not a charity organization to help other projects just like that. I am sure Binance will gext a partial ownership of Axie Infinity in exchange for these 150$ millions. Or Axie Infinity devs will integrate a crossing to Binance, every time player need to buy, sell or trade something.

This is how I imagine CZ's help too.  He is a VERY good businessman and I doubt this was just random help.  He probably sees an opportunity in Axie and this is the perfect timing for his input.  What Binance is looking for is a better public image of themselves and business.

-
Regards,
PrivacyG

[sunsilk]

Binance saves at least a portion of the hack and that's very good of them and I know the reason why, it is because ever since before the hype of Axie. They've always been an investor in the game.

Today is also the launching of the origin and that's why it's time that they've got this good news together with the origin. Welp, if the hack is an inside job by one of its developers, hopefully he gets what he deserves in the future with this incident he has made.

[makishart]

This is not a save, this is an investment. Binance is not a charity organization to help other projects just like that. I am sure Binance will gext a partial ownership of Axie Infinity in exchange for these 150$ millions. Or Axie Infinity devs will integrate a crossing to Binance, every time player need to buy, sell or trade something.

Yep, i do agree with it. This is not good. Axie itself will leave its responsibility to bring back investor money. Binance has nothing to do with axie hack and that's the team's fault.
Im sure that the game already sold to the binance. Axie was full with amateur developers that didn't even aware about how important the security.
This funds were coming from binance and not from the hackers who have been hacking their funds.

[bakasabo]

I dont believe that Binance could give such large amount of money just for nothing. Just to support a popular game. I am sure there is a future profit behind this deal. There have been numerous hacks in cryptocurrency, and Binance decides to help one of most profitable and popular games. I believe Axie Infinity has already earned enough profit to be able to party cover losses by themselves. If Binance planned to get fame and reputation by that move, they could make a donation instead. Binance dont help AI, either this is sort of a money laundry, or hidden act of takeover.

[zasad@]

Binance exchange masters of creating fake blockchains with 21 validators
https://bscscan.com/validators
The game used a centralized Ronin Network ecosystem https://explorer.roninchain.com/validator for fast payments, which was hacked. Now it will work on a similar ecosystem.  What does blockchain have to do with it?

[masterrex]

IMO, I believe it was a huge blow for the Axie Infinity team just imagine how big that amount that was stolen $600 Million that's not a joke that's why Binance's decision and effort to rescue Axie infinity is a good sign of support from Binance itself and I think it's not surprising because Axie Infinity also launched at Binance launchpad in its early days so it has a mutual connection since then.     

[btc_angela]

IMO, I believe it was a huge blow for the Axie Infinity team just imagine how big that amount that was stolen $600 Million that's not a joke that's why Binance's decision and effort to rescue Axie infinity is a good sign of support from Binance itself and I think it's not surprising because Axie Infinity also launched at Binance launchpad in its early days so it has a mutual connection since then.     

No question about it, the hack casts a shadow of the doubt as investors scramble to learn how the hack happen and specially with the huge amount involved. And what's interesting is CZ trying to rescue it, for sure he has some interest on it. Maybe in the future he will be part of the project, perhaps as an advisor or something. Because he will not raised that big amount without something in return.

[smyslov]

Every player of Axie Infinity can presently relax after the loss of $600 million which was caused by an exploit a hacker used to take advantage of the Ronin sidechain and steal ETH and USDC. Binance has lead a $150 million funding round to restore some of the stolen funds and help build an sustainable ecosystem for Ronin.

Also, there are rumors that the hack was an inside job by one of Axie's developers.

If this is true then it's bad for the community and if it will result in a loss of trust in the community, they have to verify this and address this issue, if it's an inside job they should prosecute member or members of the developers, and if this is not true then they should address it, the confidence of investors and community should be the main concern now of Sky Mavis glad that Binance takes action to support Sky Mavis.

[LogitechMouse]

IMO, I believe it was a huge blow for the Axie Infinity team just imagine how big that amount that was stolen $600 Million that's not a joke that's why Binance's decision and effort to rescue Axie infinity is a good sign of support from Binance itself and I think it's not surprising because Axie Infinity also launched at Binance launchpad in its early days so it has a mutual connection since then.     

It was the largest crypto heist or largest crypto hacking incident in cryptospace.
On the other hand though, its good to see popular exchange Binance and CZ with the help of other companies help Sky Mavis with what happened to them and I know that these companies are expecting any return from what they did. Businessmen doing business things.

Its the first NFT game and I think they will not just let the game go down right now and now that Origin just released today (early access), the game has future and the companies that helped them have trust in them.

In contrary, this hacking incident that happened to them left questions to the current investors and the future ones. The investors who wants to invest into the game are asking themselves. "Is it still worthy to invest in this game?" and the like.

[Saisher]

In contrary, this hacking incident that happened to them left questions to the current investors and the future ones. The investors who wants to invest into the game are asking themselves. "Is it still worthy to invest in this game?" and the like.

You have a valid question, not every PVE has Binance to back them and help them recover, it really cast doubts on PVE now, the biggest and original gaming site in the industry is in a bad light, PVE is still profitable and will continue to trend,  investors should now look for developers who can secure the trust of their investors, and see to it that similar incident will not happen.