Binance Labs Clarifies Investment in SkyArk Studio, alleges Misrepresentation

SkyArk Chronicles, a fantasy game in anime style, recently conducted a substantial NFT mint, attracting enthusiastic collectors who committed $115 million in Ethereum to secure character assets. However, Binance Labs has asserted that the information regarding its investment in the game's studio was misrepresented leading up to the mint.

Despite SkyArk Studio's earlier announcement this month stating that Binance Labs had led a $15 million funding round, Binance Labs clarified on Monday that their investment in the studio actually took place back in 2021. The crypto exchange's venture capital arm accused SkyArk Studio of breaching the investment contract by improperly using the Binance Labs branding without permission.

In a detailed tweet, Binance Labs disclosed that their involvement with the studio originated from the incubation program in 2021, contrary to the recent claims. Binance Labs emphasized that transparent communication could have avoided the situation, expressing disappointment that the project failed to adhere to the facts.

Providing evidence through screenshots of the investment contract and Telegram conversations, Binance Labs revealed their efforts to prompt SkyArk Studio to rectify the misleading information surrounding the $15 million investment round. The clarification became necessary as inquiries arose, and SkyArk Studio's removal of the tweet did not sufficiently address the lingering misinformation.

Acknowledging the miscommunication, SkyArk Studio issued an apology and expressed gratitude for Binance Labs' clarification. Despite the setback, the studio remains committed to realizing the success of SkyArk and continues to diligently pursue its vision.