3A game platform SkyArk Chronicles announced on January 12th that it has received a $15 million investment from Binance Labs, a department under Binance’s investment division. The sale of its Genesis NFTs has been very successful, raising over 40,000 ETH within three days. However, Binance Labs clarified last night that they were not aware of this financing.
(Background:
Overview of Binance Labs’ investment portfolio: Over 200 projects with a total value of $7.5 billion
)
(Supplementary background:
Binance’s new CEO Richard: Continuously investing in Taiwan’s Web3 ecosystem, institutions accelerating deployment
)
Table of Contents:
Binance Labs Clarifies: Unaware of Financing Announcement by SkyArk
Apology from SkyArk Chronicles
Community Outrage: SkyArk Chronicles Offers Refunds
Recently, the deposit volume of the Genesis NFT sales contract address on the 3A game platform SkyArk Chronicles has experienced exponential growth. In just one day on January 26-27, the sales volume increased from 3,700 ETH to 10,000 ETH, and on January 28, it surpassed 40,000 ETH.
Upon further investigation into the reasons behind the surge in sales of SkyArk Chronicles’ Genesis NFTs, it seems to be attributed to the financing information posted by the project on the social platform X on January 12 (the tweet has been deleted by the official account). The post announced that they had successfully raised $15 million in financing, led by Binance Labs, an investment division under Binance.
Binance Labs Clarifies: Unaware of Financing Announcement by SkyArk
However, there was a major reversal of events yesterday. Binance Labs clarified in a post on X platform last night that while SkyArk Chronicles was indeed a project they had incubated and invested in during the third phase of their incubator in 2021, Binance Labs did not participate in the latest financing announced by SkyArk Chronicles this year.
Apology from SkyArk Chronicles
Shortly after Binance Labs’ clarification post, SkyArk Chronicles also issued an apology on the X platform, expressing regret for the misunderstanding caused.
In addition, Kelvin, the founder of SkyArk Chronicles, held an AMA on X platform to explain the situation. In summary, SkyArk Chronicles seems to have undergone multiple rounds of token and equity financing, totaling $15 million.
Community Outrage: SkyArk Chronicles Offers Refunds
To some extent, the significant amount of ETH raised by SkyArk Chronicles in a short period of time can be attributed to the positive expectations of “Binance leading the investment” and “a $15 million financing.” However, after the official clarification dispelled these expectations, the community began to question SkyArk, and many investors are demanding refunds.
Furthermore, Kelvin’s explanation as the founder of SkyArk Chronicles does not seem to be a sincere apology. Instead, he seems to be trying to shift the blame to Binance Labs. Kay Capital commented on this:
As the community’s backlash grew, SkyArk Chronicles announced in the early hours of the morning that they would offer a 60-day refund period for buyers. However, it seems that the refund page is temporarily inaccessible due to high traffic. Additionally, users are advised to ensure they are using the official link, as there have been reports of phishing links.
Related Reports
Binance Year-End Report: 170 million registered users worldwide by 2023, key investments in ZK zero-knowledge proofs, Web3 games, and DeFi
Binance Launches New Mining Coin “Manta”: ZK Zero-Knowledge Proofs + Modularization to Break Through Layer 2? BNB Surpasses $320
Binance Contributes over 70%! Crypto Industry to Pay $5.8 Billion in Fines in 2023, Overtaking Traditional Finance for the First Time