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Axie Infinity CEO Transferred AXS Worth $3M to Binance Before the Team Revealed Hack – Report

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Axie Infinity CEO Transferred AXS Worth $3M to Binance Before the Team Revealed Hack – Report

Summary:

  • A digital wallet belonging to Axie Infinity CEO allegedly moved $3 million worth of AXS to Binance before the announcement of the $600 million exploit on the Ronin Bridge.
  • Crypto Youtuber, Asobs, was the first to spot the significant AXS transaction from the wallet.
  • Sky Mavis’ spokesperson has explained that the AXS was moved to ensure short sellers would not front-run the news.

The CEO of the popular gaming Dapp, Axie Infinity, allegedly transferred $3 million worth of AXS before an announcement was made regarding the $600 million hack of the Ronin Network bridge by the North Korean hacker group Lazarus.

According to a report by Bloomberg, hours before the announcement and halting of the Ronin Bridge, a digital wallet belonging to the project’s CEO and co-founder, Trung Nguyen, made a large transfer to Binance to the tune of $3 million in AXS tokens.

AXS Transaction Discovered by Crypto Youtuber, Asobs.

The team at Bloomberg has presented the on-chain data to the Sky Mavis team, who have since confirmed that the digital wallet belongs to Mr. Nguyen.

The report by Bloomberg explained that the large AXS transaction to Binance was first identified by a crypto Youtuber who goes by the screen name, Asobs.

Asobs shared the information with Bloomberg Businessweek, which further confirmed the on-chain data with a team comprising of ‘Kristen and Zach Abernathy, associate professors of mathematics at Winthrop University with expertise in blockchain analysis.’

Sky Mavis Says the Transaction Was Made to Prevent Short-sellers from Front-Running the News.

A spokeswoman of Sky Mavis, the parent company of Axie Infinty, told Bloomberg that the Axie Infinity team transferred the funds to mitigate against short-sellers who had the intention of front-running the news. She explained:

At the time, we (Sky Mavis) understood that our position and options would be better the more AXS we had on Binance. This would give us the flexibility to pursue different options for securing the loans/capital required.

The Founding Team chose to transfer it from this wallet to ensure that short-sellers, who track official Axie wallets, would not be able to front-run the news.

The spokeswoman also explained that the funds were moved ‘to shore up the company’s finances during the crisis’ and ‘provide liquidity to its users as it restored access to funds via Binance.’

Asobs Has Also Been Examining Other AXS Wallets that He Thinks Belong to Axie Infinity Employees.

In addition, the Bloomberg report mentioned that crypto Youtuber Asobs had examined other wallets that he believes could be linked to other Sky Mavis employees. According to his analysis, Sky Mavis employees received their paychecks in AXS and several wallets potentially belonging to its staff made large transactions during the same period as Mr. Nguyen’s wallet.

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Ethereum

Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction

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Tron’s Justin Sun Blocked By Aave Due to Tornado Cash Transaction
  • Tron’s co-founder Justin Sun’s account was blocked on Aave this Saturday. 
  • According to Sun, the account was blocked after he randomly received 0.1 ETH from Tornado Cash. 
  • De-fi Protocol Aave has not issued a statement as of yet. 

A lot has happened since the U.S Government sanctioned Tornado cash, the mixing token that makes Ethereum transactions untraceable, on August 8. Following the sanction, an arrest took place later on August 10 by Dutch Authorities in the Netherlands, where a suspected Tornado cash developer was reprimanded by the Dutch Fiscal Information and Investigation service. 

There have been several reports that a few Defi protocols are taking action to comply with the U.S sanction and prohibiting accounts that have interacted with Tornado cash. Most recently, Tron’s co-founder Justin Sun reported on Twitter that Aave blocked his account on Saturday. 

According to Justin Sun, the account block followed just after he was sent 0.1 Eth randomly by an unknown address. 

Jerry Brito, executive director of crypto non-profit Coin Center, already warned that this would happen. The Tornado Cash sanction denies Americans their “constitutional right ot anonymity”. 

“Presumably, it means that anybody who interacts with those addresses would be in a technical violation”, even if they received a few dollars from a Tornado Cash mixer without their consent, Brito tells Fortune

American Celebrities and Popular Accounts Have Received 0.1 ETH From Tornado Cash

Reports show that many well-known accounts and a handful of American celebrities like Jimmy Fallon, Logan Paul have also been gifted 0.1 ETH by this anonymous user. The act is potentially a revolt towards the sanction introduced by Tornado Cash, and it’s implications.

It is now illegal for any American citizen to interact with Tornado Cash, however, it is technically impossible to stop users from sending funds via Tornado Cash to random accounts. 

The U.S government has been pretty clear that they would continue monitoring mixers and take any action if required; however, there already appear to be gray areas that are yet to be explored. 

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

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Tornado Cash DAO Website Goes Offline After Developer Alex Pertsev’s Arrest

TL;DR

  • The software developer arrested by Dutch authorities earlier this week is Alex Pertsev, according to The Block.
  • Tornado Cash DAO’s website has gone offline since the arrest.

Dutch police arrested suspected Tornado Cash developer on Wednesday, 10 August. According to The Block, the software developer is Alex Pertsev, as confirmed by his wife, Ksenia Malik. She continued to say that her husband had not done anything illegal and was shocked by this arrest. 

Read More: Alleged 29-Year-Old Tornado Cash Developer Arrested By Dutch Investigators In Amsterdam

Tornado Cash DAO website has gone dark since the arrest, with many users reporting that they have not been able to access Tornado’s discord channel or website. 

Tornado Cash was only added to the Office of Foreign Assets Control’s list on Monday.

It appears that users have not been able to access the website potentially due to internet service providers complying with the U.S Government sanctions.

However, alternative methods have been introduced on how to use TornadoCash since the ban. 

According to the U.S Department Of The Treasury, Tornado Cash was used to launder more than $7 billion worth of virtual currency since its creation in 2019. They have been linked to Lazarus Group, a Democratic People’s Republic of Korea state-sponsored hacking group involved in the largest known virtual currency heist to date. 

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