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

Simon Kim, head of cryptocurrency venture capital firm Hashed, sold 383,000 AXS worth $2.6 million, spreading FUD in the cryptocurrency market.

in one transaction processed On December 26, the CEO of crypto venture capital firm Hushed Simon Kim transferred 383,000 AX Infinity (AXS) to his Binance deposit address, only sell them shortly thereafter.

The Twitter account The Data Nerd, dedicated to sharing cryptocurrency on-chain data, spotted the transaction. The tweet also warned that we should expect another – possibly much larger – transaction of this kind within a month:

What is Ax Infinity?

xi infinity is a blockchain-based game. It allows players to buy, sell and breed virtual creatures, Axis. To participate in battles and other gaming activities, the user is required to purchase Axis. Their value depends on a combination of their characteristics and scarcity.

Axi Infinity is built on Ethereum (ETH) blockchain. They are stored as non-fungible tokens (NFTs) and can be bought, sold and traded on the open market. The game has gained a significant following and has been praised for its combination of toenomics and gameplay.

The project went on to attract the attention of Singapore-based firm Sky Mavis, which joined forces Axi Infinity with Google Cloud to help easily secure the sidechain network and process transactions. Essentially, the international tech juggernaut helped the project run a validator node on Ronin.

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