Axie Infinity CEO Denies Accusation of Insider Trading

Trung Nguyen – Co-Founder and CEO of Axie Infinity – said the accusations against him of being engaged in insider trading are “baseless and false.” However, he admitted transferring $3 million worth of AXS to “ensure that short-sellers would not be able to front-run the news.” In March this year, Ronin Bridge – an Ethereum sidechain built for the popular blockchain-based game Axie Infinity – became the victim of one of the largest cryptocurrency hacks ever. Bad actors breached its security and drained over 173,000 ETH. The assets equaled more than $600 million at the time. The attack quickly grabbed society’s attention, while numerous agencies carried out investigations to find out who stood behind it. The Federal Bureau of Investigation (FBI) estimated that the perpetrator is the notorious North Korean hacking group – the Lazarus Group. Despite the multi-million theft, Axie Infinity’s team promised to reimburse affected clients. Last month, Ronin Bridge restarted its operations with all user funds returned. And when all seemed like a bad memory from the crypto’s past, a recent coverage by Bloomberg accused Trung Nguyen – Chief Executive Officer of Axie Infinity – of moving $3 million worth of AXS from the platform to Binance hours before the incident.

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