Tuesday, December 6, 2022

CertiK dissects the Axion Network incident and subsequent price crash By Cointelegraph

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CertiK dissects the Axion Network incident and subsequent price crash

On Nov. 2, the Axion Network launched its new token, known as AXN. The project touted the asset as a new investment vehicle, claiming that it would be the most profitable blockchain of its kind to date. During the interim leadup to AXN’s airdrop, five separate teams allegedly examined the token’s code; industry darlings such as CertiK and Hacken were among those who conducted the audits.

A few short hours after the protocol’s freeclaim event, however, it became clear that something had gone awry. An unauthorized actor unexpectedly minted 79 billion AXN and unloaded them on the market. The price collapsed in excess of 99%, netting the attackers a cool 1300 ETH — worth an estimated $500,000 at time of publication.

CertiK staff report on the Axion price crash