Video game developer NFT raises $150 million after hack

Sky Mavis, the video game developer behind NFT-based title ‘Axie Infinity’, has raised $150 million to help mitigate losses caused by a recent exodus of gamers who were unable to access profits games.

In March, “Axie Infinity” was hacked, costing Sky Mavis an estimated $625 million. As a result, ‘Axie Infinity’ had to restrict its players’ ability to transfer money out of the game, fueling the drop in daily active users.

  • Hackers stole 173,600 Ethereum tokens – an approximate value $594.6 million — and a supplement $25.5 million.
  • The capital raised will be combined with funds from the balance sheets of Sky Mavis and “Axie Infinity”.

Directed by Binancethe cryptocurrency exchange whose digital tokens are used in “Axie Infinity”, the round will be used to partially refund players and strengthen security measures.

Other investors in the round included software and venture capital firms Animoca brands, Andreessen Horowitzcrypto-focused venture capital firm Paradigmand capital company based in Switzerland Dialectic.

Block chain game

NFT and crypto based games are growing in popularity. In February, cryptocurrency exchange FTX announced that it was launch own gaming unit in which publishers embrace blockchain networks and NFTs.

Last month, blockchain gaming platform C2X raised $25 million through a private token sale, valuing the company at $500 million. Led by FTX Ventures, Animoca Brands and Jump Crypto, the sale also included Crypto.com and blockchain gaming venture capital fund Hashed.