Axi Infinity CEO Turns $3 Million in Before Revealing Record $622 Million Hack
Categories: Crypto News US
Axi Infinity CEO Turns $3 Million in Before Revealing Record $622 Million Hack
Trung Nguyen, co-founder and CEO of Sky Mavis, the studio behind the Axi Infinity blockchain game, reportedly moved around US$3 million in cryptocurrency before the company revealed the details of the US$625 million hack. In March, Axi Infinity suffered one of the biggest DeFi hacks of all time, when a bridge connecting its Ronin Network sidechain to Ethereum was exploited.
Nguyen's transfer came just three hours before Sky Mavis revealed the hack, almost a week after the attack. Moore said the funds were moved from Nguyen's own wallet so that AXS short sellers "could not forward the news". She dismissed as "baseless" the allegations of other motives about the nature of the transfer
The attack on the Ronin network occurred on 23 March, but was not detected until 29 March. The attackers stole 173,600 Wrapped Ethereum (WETH) and 25.5 million USDC stablecoins, worth US$625 million at the time of disclosure.
They used the hacked private keys to gain control of five of the network's nine validators to sign fictitious transactions and transfer funds.In the wake of the attack, Sky Mavis announced that it has raised US$150 million to facilitate user refunds. All users were reimbursed after the reopening of the Ronin bridge.