June 24, 2024
Binance Calls Foul on $115 Million NFT Game, SkyArk Chronicles
NFT

Binance Calls Foul on $115 Million NFT Game, SkyArk Chronicles

In a whirlwind of events, the highly anticipated NFT mint for SkyArk Chronicles, an anime-style fantasy game, has been marred by controversy following allegations of misrepresented investment by Binance Labs, the venture capital arm of Binance.

The excitement surrounding SkyArk Chronicles reached a fever pitch as eager collectors pledged a staggering $115 million worth of Ethereum for a chance to claim one of its coveted character assets. However, the enthusiasm was soon overshadowed by allegations of misrepresentation regarding Binance Labs’ involvement in the project.

Earlier this month, SkyArk Studio announced that Binance Labs had led its $15 million funding round, fueling anticipation for the NFT mint. However, in a surprising turn of events, Binance Labs revealed that its investment in the studio dates back to 2021, and it had not led a recent investment round as claimed.

In a series of tweets, Binance Labs accused SkyArk Studio of violating its investment contract by falsely using the Binance Labs branding without prior permission. The venture capital firm emphasized that had the project adhered to the facts and communicated transparently, there would have been no issue.

https://twitter.com/SkyarkS/status/1751804992602972172

“We are very sorry for the miscommunication and appreciate the clarification from Binance Labs,” SkyArk Studio responded in a tweet, expressing remorse for the misunderstanding. Studio co-founder Kelvin Chua echoed this sentiment, acknowledging the support received from Binance Labs during the studio’s incubation program.

Despite the attempt to clarify the situation, questions lingered, prompting SkyArk Studio to initiate the refund process for the NFT mint. Traders who were unsuccessful in securing one of the 8,000 minting slots now have the opportunity to reclaim their Ethereum within a 60-day window.

SkyArk Chronicles, with its captivating narrative centred around a fantasy hero named Satoshi Nakamoto, has garnered significant attention within the crypto community. However, the recent controversy serves as a reminder of the importance of transparency and accurate representation in the burgeoning NFT space.

As the saga unfolds, stakeholders await further developments, hoping for a resolution that upholds the integrity of the project while addressing concerns raised by investors and enthusiasts alike.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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