Axie Infinity Developer Denies Wrongdoing Following Ronin Hack-Related Crypto Transfer Discovery

Trung Nguyen. Source: a relevant video screenshot, VTV24 / YouTube 


As a direct consequence from the March hack from the Ronin blockchain, Vietnamese game maker Sky Mavis, the entity behind the blockchain-based game Axie Infinity (AXS), is rejecting accusations of wrongdoing as some USD 3m price of its native AXS token had apparently been moved from Ronin to some Binance account within the hrs preceding the attack’s discovery.

Sky Mavis claims that it is Chief executive officer Trung Nguyen was redirecting the funds to his wallet for the exact purpose to safeguard the organization and aid users following the hack, Bloomberg reports

The attackers hit Axie’s Ronin bridge, which enables users to transmit crypto backwards and forwards between Ethereum (ETH) and Axie’s Ronin sidechain, resulting in the exploit towards the tune in excess of USD 600m last March, which makes it among the greatest hacks within the good reputation for decentralized finance (DeFi).

As a result of what he describes as “speculation of insider trading” associated with the Ronin attack, which may benefit him financially, Nguyen tweeted the “accusations are groundless and false,” added that,

“Actually, the Founding Team even deposited [USD] 7.5M from the known Axie multi-sig wallet TO Ronin Network before the bridge closing to prevent triggering any short-sellers watching.”

The Chief executive officer claimed that “the Founding Team made a decision to transfer it from my wallet to make sure that short-sellers, who track official Axie wallets, would be unable to front-run this news.” 

Nguyen further claimed that Axie Infinity and it is community are his existence work, adding:

“I take possession from the security breach, and can utilize it like a chance to learn.”

Nguyen also stated that “the Bridge continues to be re-opened up with all of player funds backed 1:1”, eliciting a variety of reactions, predominantly supportive, using their company Twitter users.

“The Axie Infinity community continuously give you support Trung, shun the non-believers,” stated one Twitter user.

In comparison with this particular, another user requested their Chief executive officer “[w]hy made it happen take such a long time to construct the bridge support” and “that which you used to do each week the bridge was lower.”

Earlier this year, Sky Mavis unveiled numerous updates towards the popular game’s infrastructure, including various upgrades, proclaiming that there’s been “an amazing quantity of progress in refining and aligning the normal Ronin consumer experience.” This contained increasing the asset on/off ramp interface, by simplifying or which makes it more user-friendly, they stated and added:  

“As make certain quickly to decentralize the Ronin network, there are a variety of more backend functions we have to build for validators, including voting processes, as well as other summary dashboards.”


Find out more: 
Axie Infinity’s Ronin Bridge to Re-Open After Hack, Locked Funds to become Came back
Axie Infinity’s Publish-Hack Metrics Beckon Optimism, Not Despair

Axie Infinity’s Ronin Hack Exposes Perils of Proof-of-Stake and Centralization – Analysts
Axie Infinity Shows New Indications of Existence, Despite Still-Falling NFT Sales

NFT Hacks Via Discord Might Be Connected – Analysts
Primary Types of the largest Hacking Attacks During IDO

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