Sky Mavis raises $150 million to compensate users following a $600 million hack on its Ronin Bridge

Binance is the round's leader, followed by Animoca Brands, a16z, Dialectic, Paradigm, and Accel, all of whom are based in Hong Kong.

Sky Mavis NFT sales
Sky Mavis Team

The monies will be combined with Sky Mavis' balance sheet to ensure that all users harmed by the Ronin Validator Hack are compensated.

According to Sky Mavis, the Ronin Network bridge will open following a security upgrade and multiple audits. This can take a few weeks.

Sky Mavis said it is putting in place strict internal security procedures to prevent future breaches.

In the 24 hours following the announcements, sales of Axie Infinity's non-fungible tokens (NFT) collection increased by more than 350%.

An attacker obtained access to the Ronin validator nodes of Sky Mavis and Axie DAO (decentralized autonomous organization), draining 173,600 Ethereum and 25.5 million USDC from the Ronin Bridge on March 23.