THELOGICALINDIAN - Axion was airdropped to the HEX association afore trading went alive on Nov 2 The activity aggregation claims a bad amateur acclimated an accomplishment to excellent and advertise tokens at will tanking the price
Linked to the potentially counterfeit HEX Project, Axion promised to be the best assisting blockchain of its affectionate — but it didn’t deliver. Despite claims that bristles altered auditors austere the code, an declared accomplishment aloof sunk the amount by 100%.
HEX Airdrop Axion Fails to Launch
Axion marketed itself as an advance agent through which users could pale bill for a set aeon of time in barter for high-yield returns. The “time-lock” attributes of the advance meant users would be clumsy to admission funds while staking.
On Nov. 1, the Axion aggregation appear an airdrop to the HEX community, alms award-winning money to users who agreed to acquaint HEX users about the airdrop.
On Nov 2, over 80 billion AXN tokens were accidentally minted and sold, applique the antagonist added than 1,300 ETH account over $500,000 at the time of writing.
The amount of AXN anon burst 100% from $0.00034079 to $0, according to CoinGecko.
The Axion aggregation declared that this was due to an accomplishment in the code, which was allegedly audited by bristles abstracted auditors afore the project’s mainnet, according to the Axion website.
The armpit lists Hacken and CertiK amid the auditors.
The project’s website is now offline, and the Axion Network aggregation has brash users not to buy AXN.
Axion’s Ties With Controversial HEX Project
The aboriginal AXN airdrop was fabricated accessible to HEX and HEX2T badge holders, alms a 1:1 bandy of either badge for AXN.
HEX has been subject to controversy and skepticism back launch, with abounding allegory its business archetypal to that of Ponzi schemes like Bitconnect and OneCoin. Like Axion, HEX promises aerial allotment for users who lock their funds for set periods of time.
Half of the bound funds go to a distinct agent address. Though it is cryptic who controls this address, abounding indicate that the architect of HEX, Richard Heart, is the sole owner. This opens up the achievability of a above avenue scam.
Like HEX, Axion additionally promises consistently aerial allotment and profitability, generally beheld as a red banderole in the crypto community.
HEX abstract says the HEX badge is “designed to access in amount faster than annihilation abroad in history.” At the aforementioned time, Axion encouraged users to “Enjoy activity active off the interest!” and alleged itself “the best assisting blockchain CD (certificate of deposit).”
Claims like these are hallmarks of crypto scams as categorical by the SEC. The Axion and HEX business archetypal relies on a connected beck of new investors to armamentarium payouts for consecutive investors, which are additionally ancestry of Ponzi schemes.
