In light of the Ronin Network hack on March 23rd, Axie Infinity successfully raised $150 million aimed at covering incurred losses. This funding will be directed towards restoring the Ronin bridge, as highlighted by Axie Infinity’s announcements. Twitter .
The inaugural funding round was led by the crypto exchange Binance, with additional support from Animoca Brands, Paradigm, Dialectic, and a16z. It’s expected that the subsequent funding round will focus on compensating users who suffered due to the hacking event.
On March 23rd 173,600 Ethereum and 25.5M USDC Funds were siphoned from the Ronin Bridge through two operations, amounting to nearly $600 million at the time of transaction execution. Investigations are ongoing. Currently, the Ronin Network Bridge is shut down for audits and security upgrades, while Sky Mavis is actively implementing enhanced internal security protocols.
At the same time, the cryptocurrency community is left perplexed by the disappearance of 56,000 ETH from the Axie DAO, which was reported as under-collateralized during Sky Mavis’s engagement with law enforcement, looking to recover the lost assets.
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