Sky Mavis CEO Moved about $3m in Crypto before Disclosing Hack: Bloomberg

Bloomberg reported that Sky Mavis’ CEO and co-founder moved approximately $3 million in crypto tokens before the disclosure of details about the $540 million Ronin bridge hack.

According to the report Trung Nguyen transferred the funds as part a plan to save the firm’s money following the attack. The report also stated that the fund transfers were made before the hack was publicized.

Sky Mavis is behind the Axie Infinity Blockchain game. 

Kalie Moore, spokesperson for Sky Mavis, stated that the move was necessary to prevent short-sellers attempting to frontrun the sale of tokens after the hack was publicized.

The funds were transferred using Axie linked wallets and tracked by Asobs (a pseudonymous Axie users). These wallets transferred funds from the Ronin Sidechain to centralised exchanges, such as Asobs. Binance The Block reported on the hack shortly after it occurred. Bloomberg reports that the company confirmed the Sky Mavis CEO’s identity, but it was not the case.

March 2022 saw the Ronin bridge hack. Five of the nine validator keys for the Ronin sidechain were compromised by the hackers during the hack. The hacker then used the keys to steal $540 million of crypto from the project.

Since then, The Block has revealed that a fake job advertisement was used as an attack vector for the exploit.

Later, the crypto company raised funds to compensate victims. Sky Mavis had previously announced that users affected by the attack would be reimbursed starting on June 28.

Image source: Shutterstock



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