On the 2nd of November, an attacker minted and sold 79 billion AXN tokens, causing the token to crash totally. As a result of the attack, the AXN token value plunged from $0.00036673 to zero.
Shortly after, Axion posted an assuring statement to its users:
“We’re still here. All the AXN/HEX2T people 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. We are working hard to relaunch AXN as soon as possible.”
According to a report by NewsBTC, the AXN exploit has incited controversies that include the possibility of an inside job.
Shortly after, a Twitter user accused the Axion team of carrying out fake audits in reaction to the exploits. In response, Axion said that both audit firms conducted their work efficiently.
An Axion auditor, the CertiK foundation, also denied the claim:
“The Axion $AXN exploit was added to their smart contract after the audits were completed, suggesting an inside job. Over 1300 ETH was stolen.”
The Axion whitepaper claims that Axion is cheaper and faster than Bitcoin. The official whitepaper also said that Axion “generates interest directly to the network participants through fixed inflation.”
Apart from claiming to be better than Bitcoin, Axion developers also claim superiority over Hex.
Image Credits: Pixabay
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