Controversial Hex Airdrop Token Goes to Zero Inciting Crypto Conspiracy Allegations

The crypto group was shocked final night time to study of a minting exploit that had collapsed the worth of Axion.

On November 2, 2020, throughout the 1:1 Axion for Hex airdrop, an attacker minted and offered 79 billion AXN tokens, crashing the worth from $0.00036673 to zero in consequence.

Supply: AXNUSD on

The Axion workforce tweeted, “we’re nonetheless right here,” and dealing on getting operations up and operating once more. What’s extra, the workforce acknowledged that customers will obtain credit score for losses.

Whereas exploits in crypto are commonplace, the fallout from this has revealed a string of controversies. This contains accusations of pretend code audits resulting in a concept that the exploit was an inside job.

Axion Claims to be Higher Than Bitcoin

The Axion whitepaper borrows closely from Bitcoin’s cause for being – an answer to financial turmoil.

Axion payments itself as higher than Bitcoin in that it’s cheaper and quicker. However crucially, in contrast to Bitcoin, Axion generates passive crypto revenue immediately.

“Axion is a decentralized Certificates of Deposit (CD) system, working equally to the identical monetary devices supplied by banks whereas reducing out the intermediary. Axion generates curiosity on to the community individuals by fastened inflation.”

Nonetheless, as a result of its ties with divisive token Hex, which some have likened to Bitconnect, Axion was at all times preventing an uphill battle concerning its legitimacy as a crypto undertaking. On that be aware, Axion claims no official affiliation with Hex.

Not solely do the founders declare Axion is a greater Bitcoin, however additionally they declare it’s higher than Hex as effectively. They intend emigrate Hex customers to the brand new platform by providing superior positive aspects as a lure.

“The basics behind Axion are supposed to create a singular product for the group and flip customers from the unique Hex to Axion in order that they’ll develop their funds even quicker than earlier than.”

This contains staking rewards at 8%, double that of Hex, with all staking inflation paid to stakers. Additionally, day by day auctions to win prizes from the public sale pool.

Crypto Neighborhood Lashes Out Over Worth Collapse

Because the crypto group dissects what occurred with Axion, accusations of foul play come thick and quick.

Axion’s reference to Hex has not helped the matter. One consumer attributes the exploit to pretend audits that by no means passed off.

This was strenuously denied by the Axion workforce, who declare each audit corporations carried out their work appropriately.

In response, the CertiK Basis, one of many Axion auditors, deflects the accusation by saying the exploit occurred as a result of final minute tampering of code by the event workforce. Their assertion learn:

The Axion $AXN exploit was added to their good contract after the audits have been accomplished, suggesting an inside job. Over 1300 #ETH was stolen.

Russia-based Rock’N’Block is chargeable for the event of Axion. Up to now, they haven’t responded to the claims.


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