Sky Mavis, the parent company of the most popular GameFi (Play-to-Earn) game of all time, has raised $150 million to reimburse victims who lost their digital assets due to the hack that happened on March 23, 2022.
The raise, announced on Wednesday, April 6, 2022, was led by crypto exchange, Binance; Venture Capital firms, a16z and Dialectic; blockchain game company, Animoca Brands; and web3 investment firm, Paradigm.
Sky Mavis will add the funds to existing funds and channel them towards repaying the victims of the hack — one of the largest since the emergence of the blockchain.
In a statement on Wednesday, the company’s CEO, Trung Nguyen, reiterated his promise to make sure everyone gets their money back and prevent further hacks on the gaming protocol.
“Sky Mavis is committed to reimbursing all of our users’ lost funds and implementing rigorous internal security measures to prevent future attacks.”
The firm has also tuned up security and is doing a series of audits on the code that makes up their smart contracts. It is also increasing the number of validators on its protocol from 5 to 21.
This means that transactions on the blockchain will go through more processes and tighter scrutiny before confirmation to prevent a repeat of last month’s hack.
Crypto and blockchain companies need to be careful because as long as the code that makes it work is public, there is every possibility that a criminal would try to exploit whatever weaknesses they find.
