SCOOP: Binance scales back investment in Axie Infinity developer’s post-hack fundraise by RyanJamesWeeks
in Sky Mavis. The plan was to use the funds, alongside Sky Mavis’s own capital, to reimburse victims of the hack.“Since April, Sky Mavis has been able to both stabilise and recover funds. As a result, Sky Mavis is now in a position to cover users’ funds without significant investment from Binance,” said a Binance spokesperson. “To this end, Binance will no longer be the lead investor in Sky Mavis. Binance though will continue to support Sky Mavis.
The company will invest an undisclosed sum in Sky Mavis while continuing to advise the startup, the spokesperson added. While the exact amount the exchange will invest is unclear, a person with knowledge of the matter said it is substantially less than the initial commitment.
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