Technology

Clearing the Air: Binance Labs Sets the Record Straight on SkyArk Chronicles’ Investment Fiasco

Binance Labs Clears Up Misunderstanding Surrounding SkyArk Chronicles Investment

Binance Labs, a prominent player in the blockchain and cryptocurrency investment industry, recently addressed the confusion surrounding its involvement in the funding round for SkyArk Chronicles. The project, developed by SkyArk Studios, made headlines when it announced its intention to raise $15 million in an investment round supposedly led by Binance Labs.

However, Binance Labs clarified that it had no knowledge of the investment guarantee made by SkyArk Chronicles prior to the announcement. This lack of communication violated the standard protocol, which requires projects to inform Binance Labs before publicly discussing investments in accordance with their investment contracts.

Upon learning of the news, Binance Labs immediately contacted the team at SkyArk Chronicles and requested the removal of any mention of Binance or Binance Labs from their prior communications. SkyArk Chronicles decided to delete the tweet without providing an explanation.

Binance Labs has emphasized their commitment to providing fair support for the expansion and development of projects in their portfolio. They advocate for a focus on product creation rather than speculative discussions about funding, which they believe contribute to uncertainty in the blockchain and cryptocurrency industry.

This incident highlights the importance of transparent and truthful communication when discussing investments and funding in the blockchain space. Binance Labs urges projects to adhere to standard protocols and maintain factual accuracy to foster a trustworthy ecosystem.

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