The CEO of blockchain gaming platform Axie Infinity debunks reports that he moved millions of dollars into AXS while the sidechain of the protocol was hacked to the tune of $600 million.
A recent report from Bloomberg details how a crypto wallet owned by Axie Infinity CEO Trung Nguyen transferred around $3 million from AXS to crypto exchange giant Binance hours before news broke of the protocol’s Ronin Bridge sidechain hack of game.
In March of this year, bad actors exploited the Ronin Network, the Ethereum-linked sidechain purpose-built for AXS, and stole over $600 million in crypto assets.
However, Nguyen recount his 31,600 Twitter followers in a lengthy thread that the insider trading accusations are “baseless and untrue” and that he sees the hack as a learning experience.
“When the founding team discovered the security breach, we were in close contact with Binance to discuss closing the bridge and how to ensure user funds would be restored as soon as possible. This discussion included that Sky Mavis would provide liquidity while we worked on full bridge support.
The founding team chose to transfer it from my wallet to ensure that short sellers, who follow official Axie wallets, would not be able to spread the news.
This story includes insider trading speculation. These accusations are groundless and false. In fact, the founding team even deposited $7.5 million of a known Axie multi-signature wallet on Ronin Network before the bridge closed to avoid triggering short-seller observation.
Nguyen goes on to remind everyone that all stolen user funds have been fully restored and AXS will continue to build.
“As you know, the bridge has been reopened with all player funds backed 1:1. Many media have conveniently ignored this, as it doesn’t fit their pre-determined narratives.
Since the hack, we have built tirelessly and will continue to build on the best community in Web3.
AXS is trading at $18.99 at the time of writing, down 2.5% on the day.
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Feature image: Shutterstock/Natalia Siiatovskaia/KDdesignphoto