HomeCRYPTO NEWSAxie Infinity Developer Denies Wrongdoing Following Ronin Hack-Associated Crypto Switch Discovery

Axie Infinity Developer Denies Wrongdoing Following Ronin Hack-Associated Crypto Switch Discovery


screenshot 2022 07 29 at 11 18 16 gap go nguyen thanh trung nha sang lap game ty do axies infinity vtv24 youtube
Trung Nguyen. Supply: a video screenshot, VTV24 / YouTube 

Within the aftermath of the March hack of the Ronin blockchain, Vietnamese sport developer Sky Mavis, the entity behind the blockchain-based sport Axie Infinity (AXS), is rejecting accusations of wrongdoing as some USD 3m price of its native AXS token had reportedly been moved from Ronin to a Binance account within the hours previous the assault’s discovery.

Sky Mavis claims that its CEO Trung Nguyen was redirecting the funds to his pockets with the goal to guard the corporate and assist customers after the hack, Bloomberg stories

The attackers hit Axie’s Ronin bridge, which permits customers to ship crypto backwards and forwards between Ethereum (ETH) and Axie’s Ronin sidechain, resulting in the exploit to the tune of greater than USD 600m final March, making it one of many largest hacks within the historical past of decentralized finance (DeFi).

In response to what he describes as “hypothesis of insider buying and selling” associated to the Ronin assault, which might profit him financially, Nguyen tweeted that the “accusations are baseless and false,” added that,

“Actually, the Founding Group even deposited [USD] 7.5M from a recognized Axie multi-sig pockets TO Ronin Community previous to the bridge closing to keep away from triggering any short-sellers watching.”

The CEO claimed that “the Founding Group selected to switch it from my pockets to make sure that short-sellers, who observe official Axie wallets, wouldn’t have the ability to front-run the information.” 

Nguyen additional claimed that Axie Infinity and its group are his life work, including:

“I take possession of the safety breach, and can use it as a studying expertise.”

Nguyen additionally mentioned that “the Bridge has been re-opened with all participant funds backed 1:1”, eliciting a variety of reactions, predominantly supportive, from different Twitter customers.

“The Axie Infinity group will proceed to help you Trung, shun the non-believers,” mentioned one Twitter consumer.

In distinction with this, one other consumer requested the corporate’s CEO “[w]hy did it take so lengthy to BUILD the bridge again up” and “what you had been doing each week the bridge was down.”

Earlier this month, Sky Mavis unveiled plenty of updates to the favored sport’s infrastructure, together with varied upgrades, stating that there was “an unimaginable quantity of progress in refining and aligning the standard Ronin consumer expertise.” This consisted of enhancing the asset on/off ramp interface, by simplifying or making it extra user-friendly, they mentioned and added:  

“As we work quickly to decentralize the Ronin community, there are a selection of further backend capabilities we have to construct for validators, together with voting processes, and varied abstract dashboards.”

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Be taught extra: 
Axie Infinity’s Ronin Bridge to Re-Open After Hack, Locked Funds to Be Returned
Axie Infinity’s Publish-Hack Metrics Beckon Optimism, Not Despair

Axie Infinity’s Ronin Hack Exposes Dangers of Proof-of-Stake and Centralization – Analysts
Axie Infinity Exhibits New Indicators of Life, Regardless of Nonetheless-Falling NFT Gross sales

NFT Hacks By way of Discord Might Be Linked – Analysts
Principal Kinds of the Most Fashionable Hacking Assaults Throughout IDO

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