Axie Infinity is famous for its feature that allows players to both play and earn money.
While most video games are mainly for entertainment, Axie Infinity became famous for its ability to trade and earn crypto tokens, which earns players substantial sums of money.
In the spring of this year, Sky Mavis, the start-up that runs the game Axie Infinity, announced that it had just experienced a serious hack. The event forced the Vietnamese game developer to shut down the system (essentially freezing the user’s assets).
However, Bloomberg discovered that just hours before the announcement of the hack and freeze, a digital wallet belonging to Sky Mavis co-founder and CEO Trung Nguyen made a large transaction including tokens. main Axie Infinity, AXS, worth about $3 million. The exchange moved crypto from Axie’s blockchain to crypto exchange Binance.
Before the hack, Sky Mavis recorded a drop in player count. The company was rushing to launch a new version of Axie Infinity when hackers attacked on March 23, wiping out more than $ 600 million worth of cryptocurrency systems. This is one of the biggest hacks in crypto history.
Kalie Moore, a spokeswoman for Sky Mavis, confirmed that CEO Trung Nguyen’s withdrawal was to strengthen the company’s finances during the crisis. This action also helps Sky Mavis provide liquidity to users when it restores access to funds through Binance.
“At that time, we (Sky Mavis) understood that the company would be better off with more AXS on Binance. This will give us the flexibility to pursue different options to secure the necessary loans,” wrote Moore.
Sky Mavis continues to receive money after the hack. On April 6, the company announced it had raised $150 million to help refund users and recover from the attack. Sky Mavis also reopened deposit and withdrawal system. Since the hack was announced, the value of the AXS token has dropped from around $64 to $17.
See more: The largest jackpot of nearly 5,500 billion in the UK has been owned by someone