‘Axie Infinity’ CEO moved $3 million in crypto tokens before disclosing massive hack

On March 23, hackers broke in Axe Infinity Ronin network to steal Ethereum and USDC stablecoins, valued at over $600 million at the time. In response to the massive theft axis Developer Sky Mavis has disabled the token move – but apparently not before its CEO has moved $3 million in value axes Main token, AXS, in Binance. Corresponding Bloombergthe company’s CEO and co-founder, Trung Nguyen, made the big transfer just hours before Sky Mavis announced on March 29 that the Play to Earn game had been hacked.

It was YouTube user Asobs who first identified the transaction and shared its documentation with him Bloomberg. The news organization then worked with associate math professors at Winthrop University to corroborate its findings. Asobs analyzed the transaction details and connected them to a Nguyen-controlled wallet based on previous transactions such as: B. the initial distribution of tokens for the game in the early years.

When asked, company spokesman Kalie Moore confirmed the transaction Bloomberg. Moore said Nguyen made the transfer to shore up the company’s finances and ensure it could provide liquidity to its users. Nguyen apparently had to do this at rock bottom for people to be officially prosecuted axis Wallets wouldn’t be able to push the news and cash out before the rest of the players even figure out what’s going on.

bog said:

“Back then, we (Sky Mavis) knew that the more AXS we had on Binance, our position and options would be better. This would give us the flexibility to pursue different options to secure the loans/capital required. The founding team chose to transfer it from this wallet to ensure that short sellers tracking official Axie wallets can’t preempt the news.

Nguyen posted a Twitter thread afterwards Bloomberg’s The report went up saying that after discovering the hack, his team was in touch with Binance to “ensure users’ funds are recovered as soon as possible.” The executive added: “This discussion included the fact that Sky would provide liquidity to Mavis while we worked towards full bridge support.” He also called insider trading speculation “unfounded and false”.

in the Axe Infinitypeople can earn cryptocurrency by playing the game and completing tasks such as B. Winning arena battles and breeding axis Monsters that are non-fungible tokens. The attack on its Ronin network is now considered one of the largest in crypto history. According to previous reports by The block, attackers gained access to his system by sending a spyware-filled PDF to an employee who thought he was getting a higher-paying job offer from another company. It turned out the company didn’t exist and the offer came from the North Korean hacker group Lazarus, according to the US government.

Sky Mavis has since secured $150 million in funding to reimburse users, and Nguyen said all player funds are now supports 1:1 However, Ethereum’s value has dropped significantly since March, leaving players not getting the money they could have gotten if they cashed out months ago. The game itself reopened in late June with a new system for flagging “large, suspicious withdrawals” and a new land staking feature that allows players to earn passive income.

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https://www.engadget.com/axie-infinity-ceo-moved-3-million-in-crypto-121534422.html?src=rss ‘Axie Infinity’ CEO moved $3 million in crypto tokens before disclosing massive hack

Russell Falcon

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