According to the Bloomberg report, the actions of the CEO of Sky Mavis were intended to protect the Axie Infinity funds, so they decided to move them to Binance before the short sellers caused a panic in the market.
Hours before the makers of Axie Infinity told users about a devastating hack, Sky Mavis CEO Trung Nguyen moved about $3 million worth of the game’s main token, AXS. The company says it was to help users https://t.co/NmBes4e3Rk
— Bloomberg Crypto (@crypto) July 29, 2022
Sky Mavis co-founder and CEO Trung Nguyen moved around $3 million in crypto before the company went public with the hack of the Ronin network, on which it operates the popular Play-to-Earn game, Axie Infinity.
Nguyen would have moved the funds as a measure to protect part of the company’s capital after the attack on the Ronin Network. The investigators detailed this before the company published an official announcement detailing the events.
This and other capital movements were detailed by a user operating under the pseudonym Asobs. In his report, he detailed that a set of wallets moved the capital from Ronin to centralized exchanges like Binance after the attack on the network.
Despite what happened, Sky Mavis made efforts to raise funds to reimburse the affected people. It also dedicated efforts to address the security problems present in its network, for which it adopted a “zero trust” approach to cover any vulnerability that could lead to another unfortunate event.