Axie Infinity CEO moved funds to Binance before disclosing Ronin bridge hack
Trung Nguyen, CEO and co-founder of Axie Infinity, moved $ 3 million worth of AXS tokens to Binance before disclosing Bloomberg News, an exploit for Ronin Bridge. report July 28th.
Axie Infinity lost more than $ 600 million to North Korean-linked hackers on March 29. Game developers temporarily shut down the Ronin Bridge following the hack, followed by Binance.
The report revealed that Nguyen made a $ 3 million AXS token transfer three hours before Sky Mavis announced a hack and suspended access to the Ronin Bridge.
According to the report, the transfer came at an important time: “Anyone who knew what was going on had a strong incentive to sell tokens on the system before it was temporarily locked.” I did.
Kalie Moore, the representative of SkyMavis, also confirmed that the transaction was made. Moore said:
“At that time, we [Sky Mavis] I understand that the more you use AXS with Binance, the better your position and options will be. This gives you the flexibility to pursue different options to secure the loan / capital you need. “
Moore added that the decision to use Nguyen’s wallet prevented AXS shortsellers from front-running the news. She explained the other claims as unfounded.
Nguyen defends action
Following the report, Mr Nguyen said insider trading allegations and speculations were groundless and false.
As you know, I like to work behind the scenes, but today there is talk of wanting to talk personally with the community.
— Trungfinity (@trungfinity) July 28, 2022
According to Nguyen, the game’s founding team deposited $ 7.5 million from a known Axie multisig wallet to the Ronin Network to prevent sellers from causing short views before the bridge was suspended. ..
This story contains speculation about insider trading. These accusations are groundless and false. In fact, the founding team deposited $ 7.5 million from a known Axie multisig wallet into the Ronin Network before the bridge closed to prevent short-selling surveillance.
— Trungfinity (@trungfinity) July 28, 2022
“The bridge was reopened with 1: 1 funding for all players,” Nguyen said. “The media conveniently ignored this because it didn’t fit the pre-determined explanation.” Added.
Meanwhile, Axie Infinity continues to be the most successful play-to-ear game, with over $ 4 billion in irreplaceable tokens sold and millions of players at its peak.
However, the game has lost traction since the attack and has experienced a player outflow from the platform.
AXS was trading at $ 19.15 at the time of the press. This is 88% below the record high of $ 164.
