Want more from Front Office Sports
in your search results?
Video game developer Sky Mavis has recovered $30 million worth of cryptocurrency tokens with the help of U.S. authorities following a hack of its NFT-based title “Axie Infinity.”
In March, “Axie Infinity” was hacked, causing Sky Mavis to lose $625 million. The title saw an exodus of players after it restricted the ability to transfer money out of the game.
- Blockchain analyst Chainalysis helped in the recovery.
- Hackers stole a total of 173,600 Ethereum tokens.
- The hackers have been linked to a North Korean unit known as the Lazarus Group.
In April, Sky Mavis raised $150 million to help alleviate losses caused by the hack and a decline in daily active users. Led by cryptocurrency exchange Binance — whose tokens are used in “Axie Infinity” — the round was used to partially reimburse players and improve security.
Other investors in the round included software and venture firm Animoca Brands, VC firm Andreessen Horowitz, Switzerland-based capital enterprise Dialectic, and crypto-focused VC firm Paradigm.
Taking Action
On Friday, Sky Mavis landed a deal with Google Cloud to secure its blockchain network.
As part of the multiyear pact, Google Cloud will help validate transactions within Sky Mavis’ gaming network.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
