Trung Nguyen, co-founder of Sky Mavis: the studio behind the Axie Infinity game, has moved $3 million in crypto. This has caused a stir as they did this just before announcing a $540 million hack.
According to Bloomberg Nguyen would have moved this money to secure at least some of the closed assets. They managed to move this money just before the hack was announced.
Kalie Moore, a spokesperson for Sky Mavis, indicated that this move was necessary to avoid being ahead of short-sellers.
Striking crypto transactions from the CEO
The assets that Nguyen has moved have been done in many different transactions from multiple different wallets. Many of these transactions were sent to the wallets of centralized exchanges, such as Binance, shortly after the hack. However, it was noticed that one of these wallets was managed by the Sky Mavis CEO.
As a result, everyone immediately started speculating what the transaction to the CEO’s private wallet was for. Nguyen was eventually also accused of insider trading. Here, the CEO would like to quickly take advantage of the high price for the token before the bad news came out.
Nguyen’s response to the allegations
Ultimately, the Nguyen responded to these accusations. On his Twitter, he admitted that the insider trading story was nonsense. He also had something to say about the $3 million transfer. Nguyen confirmed Moore’s story and indicated that it was only intended to be able to beat AXS short sellers.
As many of you know, I prefer to operate behind the scenes, but there is a story that dropped today that I want to address with the community, personally.
— Trung Nguyen (@trungfinity) July 28, 2022
Nguyen went on to say that the team even moved $7.5 million from the Axie multi-sig wallet to Ronin Network to dampen the effects of the hack.
Trung Nguyen reiterated that the allegations about inder trading are “baseless and false.”
