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Binance Labs, the venture capital arm of the crypto exchange Binance, recently corrected a misrepresentation by SkyArk Studio, the developer behind the anime-style fantasy game SkyArk Chronicles. The issue arose after SkyArk Chronicles conducted a highly successful NFT mint, attracting $115 million in Ethereum pledges from collectors for its character assets.
Earlier, SkyArk Studio announced that Binance Labs led a $15 million funding round for the game. This announcement came just before the NFT mint. However, Binance Labs clarified that its investment in SkyArk Studio was not recent but dates back to 2021. This investment was part of an incubation program.
Binance Labs took to Twitter to address the matter. They revealed that SkyArk Studio had used the Binance Labs brand without permission and incorrectly claimed that Binance Labs recently led an investment round. The firm also shared screenshots from their investment contract and Telegram conversations, highlighting requests made to SkyArk Studio to correct the false information.
SkyArk Studio initially responded by deleting the misleading tweet but did not clarify the situation. This led to Binance Labs making a public statement to clear up any confusion. The studio eventually acknowledged the miscommunication and expressed regret.
Kelvin Chua, co-founder of SkyArk Studio, responded to Binance Labs’ tweet. He recalled lessons learned during the studio’s incubation phase and apologized for the mistake. Chua emphasized the studio’s gratitude for the support from its communities and investors, including Binance Labs.
SkyArk Studio also made a statement on Discord to further clarify the situation. The studio confirmed that it conducted only one round of Web3 fundraising, amounting to $15 million, which started in the third quarter of 2021. They reiterated that Binance remains their largest investor and termed the situation a “misunderstanding” with Binance Labs.