Trung Nguyen, co-founder and CEO of Axie Infinity, told Axie Infinity that the accusations against him of engaging in insider trading are baseless and false.

But he admitted transferring $3 million worth of AXS cryptocurrency to ensure that short sellers couldn’t find out about the news in advance.

Axie Infinity CEO responded:

In March of this year, the “Ronin Bridge,” an Ethereum side-net built for the popular blockchain-based game Axie Infinity, became the victim of one of the biggest hacks in the cryptocurrency market ever.

Bad actors breached the bridge’s security and drained more than 173,000 ETH.

The stolen assets amounted to more than $600 million at the time.

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The attack quickly captured the attention of the crypto community, as several agencies conducted investigations to find out who was behind it.

The FBI has determined that the culprit is the infamous North Korean hacking group “Lazarus Group”.

Despite the multi-million theft, the Axie Infinity team promised to compensate the affected customers.

Last month, Ronin Bridge restarted its operations with all user funds back.

And when it all seemed like a bad memory from crypto’s past, recent coverage by Bloomberg accused Axie Infinity CEO Trung Nguyen of moving $3 million worth of AXS cryptocurrency from the platform to Binance hours before the incident. .

The CEO was quick to respond to those accusations.

In a series of tweets, he said that this story involved insider trading speculation.

Referring to the $3 million transfer, he said it did happen, but its goal was to prevent AXS short sellers.

Nguyen further stated that the founding team transferred $7.5 million from the multi-signature Axie wallet to the Ronin Network to mitigate the disruption caused by the hack.

Subsequently, the executive said he was proud that operations were back and that all victims had received their stolen money, hinting that this news did not fit with the predetermined accounts of some media outlets.

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He explained:

My life’s work is Axie Infinity and the community we created together.

He concluded by saying:

I take responsibility for the security breach and will use it as a learning experience.

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