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Axie Infinity CEO Supposedly Cashed Out Before Massive Hack

Axie Infinity CEO Supposedly Cashed Out Before Massive Hack

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One of Sky Mavi’s representatives denied the latest rumours.

Axie Infinity CEO and co-founder Trung Nguyen has reportedly moved $3 million worth of AXS tokens to the world’s largest crypto exchange, Binance, an hour before the hacking incident was announced.

The news arrives after Axie Infinity’s Ronin Network hit following a serious hack in March. Hackers managed to catch 173.6k Ethereum (ETH) and $25.5 million USDCworth over $600 million at the moment.

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According to the official opinion posted on July 28, YouTube gaming channel Asobs, who analyzed the transactions of the Ronin network just before the announcement, was the first to notice the unusual event. Sky Mavis, the company behind Axie Infinity, confirmed the news, stating that the wallet, which received a significant amount of capital, belonged to none other than Nguyen.

However, Kalie Moore, representative of Sky Mavis, denied the rumours and mentioned that the deal was done provide liquidity and “to ensure that short sellers who follow the official Axie wallets would not be able to break the news”. He added:

“Then we [Sky Mavis] we realized that the more AXS we had on Binance, the better our position and options would be. This would give us the flexibility to look at different options to secure the necessary loans/capital.”

Following the latest news, Axie Infinity’s original token AXS is currently sitting at $17.97with 8.37% increased in the last 24 hours.

Gyth L. - cryptanalyst

by Gyth L. – Crypto Analyst, BitDegree


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