The Co-Founder and CEO of Axie Infinity, a popular crypto play-to-earn game, Trung Nguyen has refuted the allegation of insider trading and called it “baseless and false”.
However, he accepted that he moved $3 million worth of AXS tokens from a wallet belonging to him. He justified the transfer of tokens to users that “short-sellers would not be able to front-run the news.”
He also revealed that the Founding Team had added $7.5 million to Ronin Network from Axie multi-sig wallet before the bridge was to be closed.
In March, Ronin Bridge, a blockchain for Axie Infinity suffered one of the largest DeFi attacks that led to $600 million worth of ETH loss at that time. Last month, it again restored its operation after compensating all its affected users.
However, after the restoration of operation, news media giant Bloomberg allegedly claimed that Trung Nguyen moved $3 million worth of AXS tokens into Binance a few hours before the incident came to light.
He stated that “My life’s work is Axie Infinity and the community we’ve created together. I take ownership of the security breach, and will use it as a learning experience.”