The fact that Sky Mavis CEO transferred money to Binance before the Axie Infinity hack

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2022-07-30 19:20:44

CEO Sky Mavis, The unit behind the hit game Axie Infinitytransferred about 3 million USD AXS to Binance before revealing the historic hack March 29.

The fact that Sky Mavis CEO transferred money to Binance before the Axie Infinity hack

Follow Bloomberg, Mr. Trung Nguyen – CEO of Sky Mavis transferred money in an effort to save the company and support liquidity for users after the attack. This was done before Axie made the hack public. In the early morning, Anh Trung also spoke about this:

“As soon as we discovered the security breach, we immediately contacted Binance to discuss closing the bridge and how to recover user funds as soon as possible. The founding team chose to transfer funds from my wallet to prevent short sellers, Axie wallet followers from running ahead of the news.

The accusations against us of insider trading speculation are baseless and untrue. In fact, the founding team even sent $7.5 million from a known Axie multi-sig wallet to Ronin Network before the bridge closed to avoid triggering any short sellers.”

Sky Mavis spokeswoman Kalie Moore added:

“At the time, we (Sky Mavis) understood that our positions and options would be better if there were more AXS on Binance. This will allow us the flexibility to secure the necessary loans/capital.”

Accordingly, this was part of a series of transfers from wallets linked to Axie that were tracked by a user named Asobs. All of these wallets moved funds from the Ronin sidechain to centralized exchanges like Binance after the attack. However, so far, only Sky Mavis CEO has confirmed and declined to comment when asked if the other wallets belong to the company’s jurisdiction.

As reported by CHK, on March 29, the attacker took control of 5 of the 9 Ronin nodes and took away over $622 million, making it the most serious security incident in the history of the cryptocurrency industry.

Sky Mavis then raise capital of 150 million USD to repair the damage. After more than 3 months of hiatus, the project has reopened the Ronin bridge and claims to have completed 100% of the compensation to the victim. Sky Mavis still hopes to recover the stolen property, which the US Treasury Department alleges has been stolen extracted by the North Korean hacker group, Lazarus.

It can be affirmed that Axie Infinity is one of the most successful titles to date with trading volume more than 4 billion USD, plus millions of daily players at last year’s heyday. However, this Play-to-Earn economy has started having a crisis at the end of last year prior to the Ronin hack, which led to a series of changes that revived the project, such as the removal of SLP rewards. But it continues to sink deep into difficulties, as revenue in 2022 seems to be only a fraction of the peak of summer 2021.

AXS has increased by more than 14% and is currently priced at just under $19 per token, still down 90% from its peak in November last year. Meanwhile, the SLP reward token is down 99% against ATH and is trading around the $0.0044 mark.

1h chart of AXS/USDT pair on Binance at 09:10 AM on July 29, 2022
1h chart of SLP/USDT pair on Binance exchange at 09:10 AM on July 29, 2022

Synthetic CHK

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