Axie Infinity CEO Supposedly Cashed Out Before Massive Hack

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

The news arrives after Axie Infinity’s Ronin Network was hit by a severe hack back in March. The hackers managed to snatch 173.6K Ethereum (ETH) and $25.5M worth of USDC, worth over $600M at the time.

According to the official statement issued on July 28th, a YouTube gaming channel Asobs, which analyzed Ronin network transactions from the time just before the disclosure, was the first to identify the unusual transaction. Sky Mavis, the company behind Axie Infinity, confirmed the news and stated that the wallet, which received a significant amount of capital, belonged to none other than Nguyen.

However, Kalie Moore, a representative of Sky Mavis, denied the rumors and mentioned that the transaction was carried out to provide liquidity and “to ensure that short-sellers, who track official Axie wallets, would not be able to front-run the news”. She added:

“At the time, we [Sky Mavis] understood that our position and options would be better the more AXS we had on Binance. This would give us the flexibility to pursue different options for securing the loans/capital required.”

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

by Gyth L. – Crypto Analyst, BitDegree