Axie Infinity CEO Caught in Crosshairs of Bloomberg Speculation

Axie Infinity Founder and CEO, Trung Nguyen, opens up about the issue.

By
Web3Wire
on
July 31, 2022
Category:
NFT

A Transfer of Funds

A recent Bloomberg article focusing on the popular PlayAndEarn blockchain game, Axie Infinity, centers around fund transfers related to the Ronin Heist.

The article published on July 29 came a few days after Time Magazine published a Filipino player's bad experience of the game. Bloomberg highlights a fund transfer to Binance prior to the closing of the Ronin Bridge amounting to 48,838 $AXS. Youtuber, Asbos, traced the address to Axie Infinity CEO, Trung Nguyen, who took to twitter to respond to this issue.

“When the Founding Team discovered the security breach, we were in close contact with Binance to discuss the closing of the bridge,” Nguyen tweeted. “This discussion included the fact that Sky Mavis would provide liquidity while we worked on a full backing of the bridge. [We] chose to transfer it from my wallet to ensure that short-sellers, who track official Axie wallets, would not be able to front-run the news. [We] even deposited $7.5M from a known Axie multi-sig wallet TO Ronin Network prior to the bridge closing to avoid triggering any short-sellers watching.”

According to Nguyen, Bloomberg’s article “ includes speculations of insider trading” and says that these are “baseless and false”. The Ronin Bridge has since been reopened with more safeguards built in, and all user funds have been returned thanks to various fundraising efforts. New validators, such as Delphi Digital, Animoca Brands, Dialectic, Nansen, and Stable Node, have since been added to the Ronin ecosystem in an effort to mitigate future security breaches. Gaming guilds, YGG and QU3ST, are the newest validator additions

What is Axie Infinity:

Axie Infinity is a PlayAndEarn blockchain game where players breed, collect, and play with digital pets called Axies and earn from the interactions. It’s built on Ronin, an Ethereum-based side-chain developed by Vietnamese-based gaming studio Sky Mavis. The protocol put eyes on the PlayAndEarn gaming industry back in 2021. In addition, the team is building a digital nation where each community member comes together to play, earn, and live in Lunacia.

Where to find Axie Infinity:

Website | Twitter | Substack | Medium | Whitepaper

Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!

Follow us on Twitter and Instagram!        

Looking for a job in crypto? Check out the CryptoJobsNow!

Tags:
Web3Wire

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.