SkyArk Chronicles, an anime-style fantasy game, recently attracted attention with a substantial NFT mint that garnered $115 million worth of Ethereum. However, Binance Labs, the venture capital arm of the cryptocurrency exchange Binance, has issued a statement claiming that its involvement in the studio behind the game was misrepresented.
Contrary to earlier announcements by SkyArk Studio, Binance Labs clarified on Monday that its $15 million investment in the studio occurred back in 2021. Binance Labs accused SkyArk Studio of violating their investment contract by falsely claiming that the crypto exchange’s venture capital arm led a recent funding round associated with the NFT mint.
Binance Labs explained in a series of tweets that if SkyArk Studio had communicated the facts accurately, there would not have been an issue. Screenshots of the investment contract were shared, along with Telegram messages where Binance Labs requested the removal of misleading information.
The public clarification by Binance Labs became necessary as questions arose, and SkyArk Studio only deleted the tweet without issuing a clarification. SkyArk Studio, in response, expressed regret for the miscommunication and pledged to remain focused on the success of SkyArk.
SkyArk Studio co-founder Kelvin Chua acknowledged the support from Binance Labs during the studio’s incubation program and emphasized their commitment to the success of SkyArk. The studio later posted on Discord, describing the situation as a “misunderstanding” with Binance Labs.
SkyArk Chronicles, which features a fantasy hero named Satoshi Nakamoto, began the refund process for the NFT mint, allowing traders to recover Ethereum if they did not secure one of the 8,000 minting slots. The game, built partially on Binance’s BNB Chain, faced controversy as Binance Labs sought to clarify its investment history amid the NFT excitement.
