Axie Infinity’s Ronin Network was hacked on March 23rd, 2022, and discovered on March 30th, 2022. The hacker stole 173,600 Ethereum and 25.5M USDC, worth over $600 million at the time.
There was a recent attack on Ronin, and a new revelation showed that the co-founder and CEO of the video game Axie Infinity, Trung Nguyen, withdrew AXS – the native token of Axie Infinity – worth $3 million to Binance, hours before announcing the hacking incident.
On Thursday, 28th July 2022, Bloomberg stated that the unusual transaction was initially discovered by a YouTube gaming channel named “Asobs,” who connected the digital wallet to Nguyen after on-chain forensics.
Asobs later shared findings with Bloomberg Businessweek, which then shared the on-chain data to Sky Mavis, the company behind Axie Infinity, for verification.
Sky Mavis also verified that the wallet, which moved $3 million in AXS token to Binance, is Nguyen’s.
Kalie Moore, a spokeswoman for Sky Mavis, explained that Axie Nguyen transferred the funds to the crypto exchange to enable the company to provide liquidity while preventing short sellers from front-running the news.
She said, “At the time, we (Sky Mavis) understood that our position and options would be better the more AXS we had on Binance. This would give us the flexibility to pursue different options for securing the loans/capital required. The Founding Team chose to transfer it from this wallet to ensure that short-sellers, who track official Axie wallets, would not be able to front-run the news.”
Asobs also saw other fund movements around the same time from wallets believed to be linked to Axie, but Sky Mavis did not confirm the owner of the wallets.