Following the Ronin Hack-Related Crypto Transfer Discovery, Axie Infinity Developer Refutes Any Wrongdoing

Vietnamese game developer Sky Mavis, the company behind the blockchain-based game Axie Infinity (AXS), is rejecting accusations of wrongdoing in the wake of the March hack of the Ronin blockchain. This is despite the fact that some USD 3 million of its native AXS token had reportedly been transferred from Ronin to a Binance account in the hours before the attack's discovery.

According to Sky Mavis' CEO Trung Nguyen, he did this in order to secure the business and help users following the attack. This is according to Bloomberg.

One of the largest attacks in the history of decentralized finance occurred last March when attackers targeted Axie's Ronin bridge, which enables users to transmit cryptocurrency back and forth between Ethereum (ETH) and Axie's Ronin sidechain (DeFi).

Nguyen tweeted that the claims are "baseless and false" in reaction to what he refers to as "speculation of insider trading" regarding the Ronin attack, which would be financially advantageous to him.

"In fact, the Founding Team even deposited [USD] 7.5M from a known Axie multi-sig wallet TO Ronin Network prior to the bridge closing to avoid triggering any short-sellers watching."

In order to prevent short-sellers, who follow official Axie wallets, from being able to break the news first, the CEO said that "the Founding Team elected to transfer it from my wallet."

Nguyen added that Axie Infinity and its community were the culmination of his life's labor.

"I take ownership of the security breach, and will use it as a learning experience."

Nguyen added that "the Bridge has been re-opened with all player funds backed 1:1," which elicited a variety of responses from other Twitter users, most of whom were positive.

One Twitter user wrote, "The Axie Infinity community will continue to support you Trung, avoid the non-believers."

The CEO of the company was questioned by another user who questioned " why did it take so long to BUILD the bridge back up" and "what you were doing every week the bridge was down."

An extraordinary amount of effort has been made in "refining and harmonizing the average Ronin user experience," according to Sky Mavis, who earlier this month released a series of infrastructure modifications for the well-known game. According to them, this involved making the asset on/off ramp interface simpler or more user-friendly. They also added:

“As we work rapidly to decentralize the Ronin network, there are a number of additional backend functions we need to build for validators, including voting processes, and various summary dashboards.”