Sky Mavis Inc., a non-fungible token-centered startup reeling from a large hack previously this year, has employed its first-ever basic counsel in James Nguyen from Robinhood Marketplaces Inc.
Nguyen, who will lead legal and regulatory affairs for the Vietnamese company, most lately was common counsel and main compliance officer for Robinhood’s cryptocurrency unit. Robinhood, which in August slash 23% of its workforce, declined to explore Nguyen’s exit or alternative.
Sky Mavis confirmed Nguyen’s seek the services of. The organization has also confronted headwinds.
Hackers manufactured off with approximately $600 million in Sky Mavis electronic cash stored inside of Axie Infinity, an on the web video games well-known with cryptocurrency traders. The organization vowed to reimburse avid gamers who missing cash in the hack and elevated $150 million to stem a spate of consumer problems next the breach.
Bloomberg Information claimed past year on Sky Mavis reaching a peak valuation of $3 billion many thanks to Axie Infinity, which lets buyers to trade and get paid cryptocurrencies.
Nguyen, who is fluent in Vietnamese, was a “longstanding chief of the Robinhood group dependable for developing, developing, and increasing the cryptocurrency business enterprise and its goods,” Sky Mavis claimed in a assertion Thursday.
Trung Nguyen, a coder-turned-chief government officer and co-founder at Sky Mavis, reported in a statement that the firm’s new top law firm will be a “critical asset” thanks to his working experience in the cryptocurrency and blockchain room.
James Nguyen, who Sky Mavis mentioned is unrelated to its major executive, didn’t promptly respond to a request for remark about his new job.
Fallout Hack
CEO Trung Nguyen reportedly moved about $3 million in Axie Infinity’s main token, AXS, right before the enterprise disclosed it was hacked. Sky Mavis instructed Bloomberg News in July that its chief executive and co-founder did so to boost the firm’s finances in the course of a vital time right after the hack.
A enterprise spokeswoman claimed Sky Mavis conducted an impartial audit around the hacking of its network and is committed to remimbursing all Axie Infinity people.
Its new legal chief is now tasked with aiding Sky Mavis build a legal division for its world company and operations. Nguyen will also assist the organization navigate an evolving lawful and regulatory atmosphere for assignments like Axie Infinity.
“Sky Mavis has already demonstrated the guarantee of how a decentralized potential can convey men and women collectively to upend dated gaming products and make far better the way we participate in and interact with every single other,” James Nguyen reported in a firm statement.
Sky Mavis claimed Nguyen led authorized and regulatory approach for Robinhood’s “early efforts to investigate and obtain a nationwide banking license and launch a banking business,” as effectively as his previous employer’s much more latest bid to commence a countrywide payments small business in Robinhood Dollars.
Nguyen invested 3 years as a senior counsel at Wells Fargo & Co. in San Francisco immediately after beginning his legal vocation as an associate at Morrison & Foerster in Washington. He joined Robinhood in 2018 and subsequently served as president of the company’s cryptocurrency business, the place he took more than as general counsel and compliance chief this yr soon after the departure of Benjamin Melnicki.
Nicole Trudeau, a previous basic counsel for cryptocurrency trade Cex.io Ltd., joined Robinhood about the summer months as a director and affiliate basic counsel. Trudeau, whose LinkedIn profile identifies her as a authorized director for Robinhood’s cryptocurrency unit, didn’t answer to a ask for for remark.
