Sky Mavis CEO Accused Of Insider Trading For Transferring $3M AXS To Binance

Sky Mavis CEO, the unit behind the hit game Axie Infinity, spoke out to explain the transfer of about 3 million USD in AXS to Binance before revealing the historic Ronin hack on March 29. Denying insider trading rumors.

Sky Mavis strives to overcome the consequences

Mr. Trung Nguyen – CEO of Sky Mavis transferred the money to try to save the company after the attack and help provide liquidity to users. The transfer was made before Axie made the hack public. Early this morning, Anh Trung posted a tweet:

According to the posted content, the company immediately contacted Binnace to fix it as soon as the security hole was discovered. The above money transfer action to prevent short sellers. The accusations against the speculative company of insider trading are completely untrue.

Accordingly, this is part of a series of crypto transfers from Axie-linked wallets tracked by an Axie user named Asobs. All of these wallets moved funds from the Ronin sidechain to centralized exchanges like Binance after the hack occurred. 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 updated in previous Coincu News articles, on March 29 the attacker took control of 5 of the 9 Ronin nodes and stole more than 622 million USD. Sky Mavis then raised $150 million to fix the hack. After more than 3 months of hiatus, the project has reopened the Ronin bridge and announced that it has completed 100% of the compensation for victims of the attack. Sky Mavis is still hoping to recover the stolen property.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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