One of the largest crypto currency hacks that ever took place in the entire crypto industry was when the hackers breached Axie Infinity’s Ronin network and stole around $625 million. The hacker basically breached the network and stole the digital assets from the network. The incident was not shared for a long time, before the CEO of the game chose to talk about it at an NFT LA conference. According to the spokesperson, the hacker had breached the network and stolen over 150k Ethereum tokens and more than 20 million in USDC.
According to recent developments, it has come to notice that, the CEO of Sky Mavis had moved around $3 Million before the hack got disclosed. Bloomberg also went on to discover a lot of unheard information in its investigations. With the aid of an anonymous YouTube user, who examined Ronin network transactions from the time right before the reveal, Bloomberg learned about insider trading activity which might have happened. According to reports, Sky Mavis declined to disclose whether additional wallets that carried out significant transactions belonged to business personnel.
Insider Trading still continues to haunt the industry!
Credits: Investopedia
Insider Trading is one of those things that seriously effects the reputation of the market. There have been many reports of insider trading in crypto currency market which come in as a surprise at the beginning but, seem quite normal as the matters are investigated.
Reportedly, the newest update about insider trading in crypto currency market is about how Sky Mavis CEO, went on to transfer his assets from the Ronin network, just days before the hack was disclosed. Though, there have been sever allegations from the media, the Trung Nguyen denied to the news saying that the rumors of insider trading are “False and baseless.”
Trung Nguyen’s comments.
The CEO went on to claim that the decision to move the tokens from the Ronin network to the Binance network was made solely based on the assessment that doing so would improve the positions and options.
Writer’s Analysis:
According to me, insider trading in any kind of market is not accepted, but more so in digital assets market. The down side of insider trading is that, the approach gives an undue advantage to the people involved in it and helps them actually decide the fate of the cryptocurrencies. It is important that, strict rules and regulations are made against insider trading which will help the market to eradicate the demon.
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