Fear spreads as VC CEO sells $2.6m worth of AXS to Binance

Simon Kim, caput of crypto task superior steadfast Hashed, sold 383,000 AXS worthy $2.6 million, spreading FUD connected the crypto market.

In a transaction processed connected Dec. 26, the CEO of crypto task superior steadfast Hashed Simon Kim moved 383,000 Axie Infinity (AXS) to his Binance deposit address, lone to sell them soon thereafter.

Twitter relationship The Data Nerd, dedicated to sharing cryptocurrency on-chain data, spotted the transactions. The tweet besides warned that we should apt expect different — perchance overmuch bigger — transaction similar this 1 successful nether a month:

What is Axie Infinity?

Axie Infinity is simply a blockchain-based game. It allows players to buy, sell, and breed virtual creatures, Axies. To enactment successful battles and different gaming activities, the idiosyncratic needs to bargain Axies. Their worth depends connected the operation of their attributes and scarcity.

Axie Infinity is built connected the ethereum (ETH) blockchain. They are stored arsenic non-fungible tokens (NFTs) and tin beryllium bought, sold, and traded connected the unfastened market. The crippled has gained a important pursuing and has been praised for its operation of tokenomics and gameplay.

The task went arsenic acold arsenic to summation the attraction of Singapore-based steadfast Sky Mavis, which joined forces with Google Cloud to assistance Axie Infinity easy unafraid the sidechain web and process transactions. Essentially, the planetary tech juggernaut helped the task tally a validator node connected Ronin.