Suffering from False Financing Disclosure, SkyArk Obtains Over 50,000 ETH by Selling NFTs

On January 12th, the 3A gaming platform SkyArk Chronicles announced on X platform that it had completed a $15 million funding round with Binance Labs leading the investment. Participants included VividThree, GuildFi, Jambo, BreederDAO, and Bryan Pellegrino (CEO of LayerZero), Wangarian (Co-founder of Tangent Ventures), and S.Y. Lee (CEO of Story Protocol).

Subsequently, SkyArk Chronicles announced the start of the Genesis NFT sale on January 26th at 20:00 UTC+8. According to publicly available information, the total supply of NFTs is 8,000, distributed in two rounds. The Spellbook Round allocates 1,000 NFTs at a unit price of 0.15 ETH, while the Public Access Round distributes 7,000 NFTs with unit prices ranging from 0.2 ETH to 0.6 ETH through bidding.

Users can check the lottery results on January 30th at 4:00 (UTC+8), and the bidding event officially concludes on February 1st.

Through Etherscan, it can be observed that the SkyArk NFT sale event involved a total of 86,206 contract interactions, with a cumulative participation of 50,929 ETH in the NFT bidding activity.

SkyArk Chronicles is a project incubated and invested in by Binance Labs during the Season 3 of the Binance Labs Incubation Program in 2021. SkyArk is built on the opBNB chain, showcasing a close association with Binance. The project garnered significant user participation by announcing a $15 million financing round, with Binance Labs as the lead investor, before the NFT sale.

However, a statement from Binance Labs exposed the falsehoods surrounding SkyArk. Binance Labs clarified that it did not participate in the recent funding round announced by the project this year.

After Binance Labs released the statement, SkyArk Chronicles deleted the previously disclosed funding information. Furthermore, SkyArk admitted to receiving investment only during Binance Labs' third incubation program, making it the sole investment from Binance Labs.

SkyArk Chronicles attracted significant funding due to the announced financing amount and the perceived strong ties with Binance. However, with the truth revealed, the project's reputation shifted from an early high-quality project to a fraudulent one.

Based on data retrieval, the total revenue from SkyArk Genesis NFTs was 4,350 ETH (a significantly lower amount if the financing information with Binance Labs as the lead investor is excluded). Concerningly, the contract contains 50,9292 ETH, over ten times the revenue amount, raising apprehensions about a considerable amount of ETH being in the hands of the fraudulent project team.