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Axie Infinity CEO moved funds to Binance earlier than disclosing Ronin bridge hack

Axie Infinity CEO and co-founder Trung Nguyen moved $3 million price of AXS tokens to Binance earlier than disclosing the Ronin bridge exploit, Bloomberg Information reported on July 28.

Axie Infinity misplaced over $600 million to North Korea-linked hackers on March 29. The sport developer briefly suspended the operations of the Ronin bridge following the hack, with Binance following go well with.

The report revealed that Nguyen made a $3 million AXS token switch three hours earlier than Sky Mavis introduced the hack and suspended entry to Ronin bridge.

In response to the report, the switch got here at a important interval when “anybody who knew what was happening would have had a robust incentive to promote tokens within the system earlier than they have been briefly locked up.”

Sky Mavis consultant Kalie Moore additionally confirmed that the transaction occurred. Moore stated:

“On the time, we [Sky Mavis] understood that our place and choices could be higher the extra AXS we had on Binance. This may give us the pliability to pursue completely different choices for securing the loans/capital required.”

Moore added that the choice to make use of Nguyen’s pockets prevented AXS quick sellers from front-running the information. She described every other allegations as baseless.

Nguyen defends motion

Following the report, Nguyen stated the allegations and hypothesis of insider buying and selling are baseless and false.

Nguyen stated the sport’s founding group additionally deposited $7.5 million from a recognized Axie multi-sig pockets to Ronin Community earlier than the bridge’s operation was paused to keep away from triggering quick sellers watching.

Nguyen identified that the “Bridge has been re-opened with all participant funds backed 1:1,” including that the “media have conveniently ignored this, because it doesn’t match their predetermined narratives.”

In the meantime, Axie Infinity stays essentially the most profitable play-to-earn recreation, because it has offered over $4 billion price of non-fungible tokens and had tens of millions of gamers at its peak.

Nevertheless, the sport has misplaced traction for the reason that assault and skilled an exodus of gamers from the platform.

AXS was buying and selling at $19.15 as of press time — 88% beneath its all-time excessive of $164.



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