THELOGICALINDIAN - The crypto association was abashed aftermost night to apprentice of a minting accomplishment that had burst the amount of Axion
On November 2, 2020, during the 1:1 Axion for Hex airdrop, an antagonist minted and awash 79 billion AXN tokens, abolition the amount from $0.00036673 to aught as a result.
The Axion aggregation tweeted, “we are still here,” and alive on accepting operations up and active again. What’s more, the aggregation declared that users will accept acclaim for losses.
We're still here.
All the AXN/HEX2T bodies were captivation at the time of the accomplishment will be credited.
We will barrage a clamminess accolade aperture to body the clamminess aback up as well.
We are alive adamantine to relaunch AXN as anon as possible.
— Axion (@axion_network) November 2, 2020
While exploits in crypto are commonplace, the fallout from this has appear a cord of controversies. This includes accusations of affected cipher audits arch to a approach that the accomplishment was an central job.
Axion Claims to be Better Than Bitcoin
The Axion whitepaper borrows heavily from Bitcoin’s acumen for actuality – a band-aid to bread-and-butter turmoil.
Axion bills itself as bigger than Bitcoin in that it’s cheaper and faster. But crucially, clashing Bitcoin, Axion generates acquiescent crypto assets directly.
“Axion is a decentralized Certificate of Deposit (CD) system, operating analogously to the aforementioned banking instruments provided by banks while acid out the middleman. Axion generates absorption anon to the arrangement participants through anchored inflation.”
However, due to its ties with alienated badge Hex, which some accept likened to Bitconnect, Axion was consistently angry an acclivous action apropos its angary as a crypto project. On that note, Axion claims no official amalgamation with Hex.
Not alone do the founders affirmation Axion is a bigger Bitcoin, but they additionally affirmation it’s bigger than Hex as well. They intend to drift Hex users to the new belvedere by alms above assets as a lure.
“The fundamentals abaft Axion are meant to actualize a different artefact for the association and cast users from the aboriginal Hex to Axion so that they can abound their affairs alike faster than before.”
This includes staking rewards at 8%, bifold that of Hex, with all staking aggrandizement paid to stakers. Also, circadian auctions to win prizes from the bargain pool.
Crypto Community Lashes Out Over Price Collapse
As the crypto association dissects what happened with Axion, accusations of abhorrent comedy appear blubbery and fast.
Axion’s affiliation with Hex has not helped the matter. One user attributes the accomplishment to affected audits that never took place.
This was agilely denied by the Axion team, who affirmation both analysis firms conducted their assignment appropriately.
The audits are both alive on the website, and both analysis firms affirm that they performed them.
— Axion (@axion_network) November 2, 2020
In response, the CertiK Foundation, one of the Axion auditors, deflects the allegation by adage the accomplishment happened due to the aftermost minute analytical of cipher by the development team. Their statement read:
“The Axion $AXN accomplishment was added to their acute arrangement afterwards the audits were completed, suggesting an central job. Over 1300 #ETH was stolen.“
Russia-based Rock’N’Block is amenable for the development of Axion. So far, they accept not responded to the claims.
