SkyArk Misleads with False Claim of Binance Labs Leading Investment; SkyArk Apologizes and Initiates Refund Process

After completing the NFT sale for the blockchain game SkyArk Chronicles, Binance Labs suddenly pointed out that SkyArk’s previous claim of “Binance Labs leading the investment” was incorrect. Both parties engaged in a back-and-forth on Twitter, and eventually, SkyArk apologized and initiated the refund process.

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Dispute Over Financing Between SkyArk Chronicles and Binance Labs
Binance Labs Forced to Provide Clarification Unilaterally
SkyArk Chronicles Apologizes and Initiates Refund Process

Dispute Over Financing Between SkyArk Chronicles and Binance Labs
January 12th:
SkyArk announced the completion of a $15 million financing round, claiming that Binance Labs led the investment.

January 26th:
SkyArk started selling Gensis NFTs, with the deposit address surpassing 50,000 ETH at one point.

January 29th (16:00):
Binance Labs clarified that SkyArk was indeed a third-phase incubation and investment project, but Binance did not participate in the latest funding round.

January 29th (16:38):
SkyArk quoted Binance Labs’ third-phase incubation project article, stating that this was the only funding round.

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

Binance Labs Forced to Provide Clarification Unilaterally
Due to SkyArk’s repeated refutation, Binance Labs ultimately pointed out in a lengthy article that they had no prior knowledge of SkyArk’s $15 million financing and, of course, there was no leading investment by Binance Labs.

After SkyArk released the financing announcement on the 12th, Binance Labs had requested corrections and the removal of any content related to Binance. However, on the 29th, they discovered that SkyArk only deleted the financing tweet without making any additional announcements. Therefore, Binance Labs had to provide unilateral clarification.

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Binance Labs stated:
The development of a project will not collapse just because Binance Labs clarifies the facts. If a project relies solely on misunderstood expectations, it is not truly brilliant. We hope everyone focuses on the product itself rather than speculating based on the assumption of Binance Labs leading the investment. We state the facts and hope the project continues to strive 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 apologies.

At the same time, SkyArk also announced the initiation of the refund process.

The misleading tweets from SkyArk were clearly the instigator of this incident, but since Binance Labs attached such importance to those tweets, they should have continued to monitor whether SkyArk provided clarification. They only provided unilateral clarification after the completion of SkyArk’s NFT sale. The mistakes made by both parties led to this regrettable situation.

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