1300 ETH Stolen from Axion Network Exploit; Auditing Team Calls It An ‘Insider Job’
“We're still here,” said the Axion Network team.
It further tweeted, “All the AXN/HEX2T people were holding at the time of the exploit will be credited. We will launch a liquidity reward portal to build the liquidity back up as well.”
The tweet has been in response to an exploit in the network that caused the AXN token of the project to crash to $0, as per CoinGecko, just hours after it went live.
On Nov. 2, 2020, the Axion Network launched its AXN token, and soon after, a total of 79 billion AXN tokens were unexpectedly minted and sold. The team behind the project said this could, in fact, be due to an exploit.
“There seems to have been a minting exploit in the contract with regards to staking,” said the COO of the project in its official Telegram channel, adding that $500,000 has been stolen.
The team then advised users to “not buy” any AXN or interact with the dashboard.
As a result, the price of the AXN instantly fell 99% and is currently worth nothing as the team works “to relaunch AXN as soon as possible.”
Axion is now live on mainnet!
Tag a hexican friend who should get in on the freeclaim 🔥
— Axion (@axion_network) November 2, 2020
According to CeritK, one of the companies that audited Axion Network, it could be an inside job as it happened after they audited the project last month. “The malicious code was added to the contract after our audit was done, purposefully injecting the exploit,” it said on Twitter.
Besides Certik, Hacken and three more independent teams audited the project.
“The Axion AXN exploit was added to their smart contract after the audits were completed, suggesting an inside job. Over 1300 ETH was stolen,” tweeted Certik Foundation.
Described as the “high-interest time-locked savings account,” the Axion Network asks users to lock up their tokens and earn interest on them to “enjoy life, living off the interest!”
The project that calls itself “the answer to our global financial markets that are on the brink of disaster” airdropped to HEX holders at a 1:1 ratio, a project that has been labeled as a scam by the crypto community for its promise to be “designed to increase in value faster than anything else in history.”