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SkyArk misled by claiming Binance Labs led the investment; SkyArk apologizes and initiates refund process

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SkyArk misled by claiming Binance Labs led the investment; SkyArk apologizes and initiates refund process

After the completion of the NFT sale of the game SkyArk Chronicles by Binance Labs, it suddenly pointed out that the previous claim by SkyArk of "Binance Labs leading the investment" was not accurate. The two parties engaged in a back-and-forth on Twitter, and eventually SkyArk apologized and initiated refunds.

SkyArk Chronicles and Binance Labs Funding Controversy

  • January 12: SkyArk announced the completion of a $15 million financing round, claiming that Binance Labs led the investment.

  • January 26: SkyArk began selling Gensis NFTs, with the deposit address briefly exceeding 50,000 ETH.

  • January 29, 16:00: Binance Labs suddenly clarified that SkyArk was indeed part of the third incubation and investment project, but Binance did not participate in the latest funding round.

  • January 29, 16:38: SkyArk referenced Binance Labs' third incubation project article, stating that this was the only round of funding.

  • January 29, 17:53: SkyArk co-founder Kelvin Chua held an AMA, emphasizing that Binance Labs did participate in the funding and held the largest share.

Binance Labs: Forced to Unilaterally Clarify

Due to SkyArk's repeated rebuttals, Binance Labs finally pointed out in a lengthy article that they had no prior knowledge of SkyArk's $15 million financing and certainly did not lead the investment.

After SkyArk's financing announcement on the 12th, Binance Labs had requested corrections and the removal of any Binance-related content. However, on the 29th, they found that SkyArk had only deleted the funding tweet without any further announcement, prompting Binance Labs to unilaterally clarify the situation.

Binance Labs stated:

The development of a project will not collapse just because Binance Labs clarifies the facts. If a project stands on misunderstood expectations, it is not truly brilliant. We hope everyone focuses on the product itself rather than speculating based on Binance Labs' lead investment. We state the facts and hope the project continues to strive for success and reach new heights.

SkyArk Chronicles Apologizes and Initiates Refund Process

On the evening of the 29th, both SkyArk and co-founder Kelvin Chua tweeted their apologies.

At the same time, SkyArk also released a statement initiating the refund process.

SkyArk's misleading tweets were evidently the starting point of the incident, but since Binance Labs attached such importance to those tweets, they failed to continuously monitor whether SkyArk had issued any clarifications. It was not until after SkyArk's NFT sale had ended that they unilaterally explained the situation, and the mistakes from both sides led to this regrettable incident.