3A gaming platform SkyArk Chronicles announced on January 12th that it has received a $15 million investment from Binance Labs, a subsidiary of Binance’s investment department. The sale of their 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.
Binance Labs Clarifies: Unaware of the Funding Announcement by SkyArk
SkyArk Chronicles Apologizes
Community Outrage: SkyArk Chronicles Offers Refunds
Recently, the deposit volume of the Genesis NFT sales contract address for the 3A gaming platform SkyArk Chronicles has experienced exponential growth. In just one day, from January 26th to 27th, the sales volume increased from 3,700 ETH to 10,000 ETH, and on January 28th, it surpassed 40,000 ETH.
Looking into the reasons behind the significant increase in SkyArk Chronicles’ Genesis NFT sales, it seems to be attributed to the financing information released by the project on social platform X on January 12th (the tweet has now been deleted). The post announced that they had completed a $15 million financing round led by Binance Labs, the investment department of the exchange Binance.
Binance Labs Clarifies: Unaware of the Funding Announcement by SkyArk
However, the situation took a major turn yesterday. Binance Labs clarified in a post on X platform last night that SkyArk Chronicles was indeed a project they incubated and invested in during the third phase of the Binance Labs incubator in 2021. However, Binance Labs did not participate in the latest funding round announced by SkyArk Chronicles this year.
SkyArk Chronicles Apologizes
Shortly after Binance Labs’ clarification, SkyArk Chronicles’ official account also posted on X platform, apologizing for the misunderstanding.
In addition, SkyArk Chronicles’ founder Kelvin held an AMA on X platform, explaining that SkyArk Chronicles has undergone multiple equity and token financing rounds, totaling $15 million.
Community Outrage: SkyArk Chronicles Offers Refunds
To a certain extent, the significant amount of ETH raised by SkyArk Chronicles in a short period of time can be largely attributed to the positive expectations of “Binance leading the investment” and “a $15 million financing round.” However, after the official clarification, the community began to question SkyArk, and many investors are demanding refunds.
Furthermore, Kelvin’s explanation, the founder of SkyArk Chronicles, does not seem to be a sincere apology, but rather an attempt to shift blame to Binance Labs. Kay Capital commented on this:
As the community’s backlash grew stronger, SkyArk Chronicles announced in the early morning, at around 6 am, that they will offer a 60-day refund period for buyers. However, it seems that the refund page cannot be accessed at the moment due to high traffic. Users are advised to ensure they are using the official link, as there have been phishing attempts. The subsequent developments will still need to be observed.