CEO NFT Game Axie Infinity Reportedly Moved Tokens Before Communicating Hack, Accused Of Insider Trading

CEO Trung Nguyen states the claims are baseless.

QuintLyn Bowers
By QuintLyn Bowers, News Editor July 30, 2022
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NFT Shenanigans

In more NFT shenanigans, a digital pet collecting NFT game by the name of Axie Infinity was reported hacked earlier this year, with the hackers stealing approximately $625 million. That’s a lot of money and supposedly a big hit for the company. Now, however, Bloomberg is reporting that the company’s CEO, Trung Nguyen, may have moved about $3 million in the game’s primary blockchain currency, AXS, to the crypto exchange Binance prior to the hack going public.

The report, summarized on GameSpot, states that the transfer was publicly viewable, but contained no identifying information in the wallet. That means that the public could not see who was controlling the move. Later, an analysis of the data linked the wallet to Nguyen and Sky Mavis, the company behind Binance, confirmed the fact.

Both Sky Mavis and Nguyen have issued statements saying that any suggestions that Nguyen was “trying to mitigate personal losses” with the move are “baseless”. According to Sky Mavis, the company felt it would be beneficial to have more AXS on Binance, giving them “flexibility to pursue different options for securing the loans/capital required”.

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In this article: Axie Infinity.

About the Author

QuintLyn Bowers
QuintLyn Bowers, News Editor
QuintLyn is a long-time lover of all things video game related will happily talk about them to anyone that will listen. She began writing about games for various hobby sites a little over ten years ago and has taken on various roles in the games community.

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