CertiK analyzes the incident with Axion Community and the following drop in costs

CertiK analyzes the incident with Axion Network and the subsequent drop in prices

On November 2nd, the Axion Network launched its new token called AXN. The project touted the asset as a new investment vehicle, claiming it was the most profitable blockchain of its kind to date. In the meantime, until AXN was dropped, five separate teams reportedly examined the token’s code. Industry insiders like CertiK and Hacken were among those who conducted the audits.

However, a few hours after the log’s Freeclaim event, it became clear that something had gone wrong. An unauthorized actor unexpectedly coined AXN 79 billion and dumped it on the market. The price slumped more than 99% and earned the attackers a cool 1300 ETH – valued at an estimated $ 500,000 at the time of publication.

CertiK employees report on the Axion price drop

Read on on Coin Telegraph

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