Binance Labs Claims to Be ‘Unaware’ of Leading $15M SkyArk Chronicles Fundraise

Publikováno: 29.1.2024

Image Source: Shutterstock Binance Labs has refuted claims of its involvement in the latest investment round of SkyArk Chronicles’ gaming platform. The venture capital arm of the Binance crypto exchange issued a statement on Monday, clarifying that it did not partake in SkyArk Chronicles’ $15 million funding. However, Binance Labs noted that it served as […]

The post Binance Labs Claims to Be ‘Unaware’ of Leading $15M SkyArk Chronicles Fundraise appeared first on Cryptonews.

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Image Source: Shutterstock

Binance Labs has refuted claims of its involvement in the latest investment round of SkyArk Chronicles’ gaming platform.

The venture capital arm of the Binance crypto exchange issued a statement on Monday, clarifying that it did not partake in SkyArk Chronicles’ $15 million funding.

However, Binance Labs noted that it served as a strategic partner for the gaming platform during its incubation on its platform in 2021.

Providing further details, the investment wing of the crypto exchange explained that it was unaware of the $15 million investment or the claim that it led the funding round before the blockchain multiverse project made the announcement.

Upon being notified of the situation, the team promptly contacted SkyArk Chronicles to rectify the misrepresented details surrounding the fundraising event.

However, the SkyArk Chronicles team only deleted the January 12, 2024 announcement without offering the necessary clarifications to its project community.

To substantiate its claims, the Binance Labs team shared screenshots of their conversation with the gaming platform, emphasizing that they became aware of the situation only after its users reached out.

Binance Labs also stated that its decision is based on the premise of ‘unilateral clarification,’ a principle it believes should be foundational for all collaborations within the rapidly growing Web3 ecosystem.

Binance’s Regulatory Run-in, Key Player Going Forward


SkyArk Chronicles is a triple-A blockchain gaming platform that immerses players in a multiverse created by the pseudonymous in-game god Satoshi Nakamoto.

Established in 2021, the Web3 gaming platform earned recognition by securing a spot in Binance Labs’ Incubation Program for Season 3, and it has continued to thrive since its inception.

As detailed in a now-deleted post on X from January 12, 2024, the Binance Labs team purportedly spearheaded the platform’s $15 million investment round, which drew participation from over 40 venture capital arms, including prominent names like BreedersDAO, LayerZero, Tangent Ventures, among others.

While Binance Labs has clarified its position on the matter, the other mentioned investors have remained silent.

On its end, SkyArk Chronicles has addressed the issue transparently in a post on X, expressing regret for the ‘miscommunication’ and acknowledging the subsequent clarification by the investment arm.

Meanwhile, Binance exchange is on a path to recovery following a tumultuous end to 2023.

In a surprising development from the US Department of Justice (DoJ), the crypto exchange faced criminal charges, including fraud, money laundering, and violations of the Bank Secrecy Act (BSA).

The investigation, which involved the Commodity Futures Trading Commission (CFTC) and two other US agencies, resulted in a $4.3 billion penalty imposed on the platform, leading to the ousting of its founder and then CEO, Changpeng Zhao.

Under new leadership, with Richard Teng as the current CEO, Binance is navigating a new chapter in the Web3 space. Teng emphasized a commitment to regulatory compliance in the exchange’s first public statement.

This regulatory-minded approach has permeated the entire business ecosystem, leading to Binance Labs’ recent revelation of not backing SkyArk Chronicles’ latest fundraising endeavor.

The post Binance Labs Claims to Be ‘Unaware’ of Leading $15M SkyArk Chronicles Fundraise appeared first on Cryptonews.

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