'Axie Infinity' publisher raises funds to reimburse users after $625 million hack
CNN
Sky Mavis, makers of the crypto "play-to-earn" game "Axie Infinity," announced on Wednesday it had raised a $150 million investment. The news comes on the heels of recent and widely-publicized hack of the company in which around $625 million in assets were stolen.
The company says the additional money will allow users to withdraw their funds, which have been unavailable since the hack. The cash infusion is led by Binance with participation from venture capital firms Animoca Brands, Dialectic, Paradigm, Accel and blue chip VC firm a16z, which has previously invested in the company.
Kalie Moore, a spokesperson for Sky Mavis, told CNN that $400 million was stolen from users, while the rest was taken from the company's treasury. The cash infusion combined with Sky Mavis' existing funds will be used to make users whole, she said, while the company's treasury will remain "undercollateralized" while the company works with law enforcement.
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