- Axion token tanked completely a few hours after launch.
- The sudden drop of the token was blamed on a flaw found in the token contract.
Axion investors have been scratching their heads in regrets as they watch their money sink with the network’s newly-launched native digital currency dubbed ANX. Axion, which claims to be a revolutionary crypto investment network, launched its cryptocurrency on November 2. However, the Axion token began tanking a few hours after it was introduced.
Axion token drained completely
According to several reports, which was also confirmed by Axion Network’s COO, the Axion token failed due to an exploit on the contract. As reported, someone leveraged the weakness in the Axion contract to mint about 79 billion ANX to himself with the consent of the Axion team. The attacker successfully cashed out the token, which immediately drained the liquidity per se.
Someone found an exploit in the Axion contract and minted 79 billion $AXN directly dumped all for $500k.— Maarten (@MaartenBron) November 2, 2020
Price collapsed -100%.
Dev fund hasn’t moved, and the team is working on a solution, probably a rollback.
No boring days in #Crypto pic.twitter.com/HjWLaI2R5C
Before the incident, the Axion token was reportedly trading at $0.00034079. However, the attack drained up a token to a complete fail at the price of $0.00000000 (literally nothing). A glance at CoinGecko, a crypto price tracking platform, shows no sign of life on the token. While commenting on the development, a spokesperson for the decentralized finance project disclosed that about $500,000 was lost as a result of the incident.
DeFi investors are starry-eyed
The spokesperson for Axion went further to advise crypto investors not to buy the Axion token at the moment nor interact with the project’s dashboard. At this point, it’s clear that the investors have lost whatever amount they invested in the cryptocurrency, except the project team decides to compensate them for the loss. One of the disgruntled investors cried: “I’m being told I’ve lost all my tokens. This is not fair.”
Again, the rise and sudden fall of decentralized finance tokens come as a swift reminder for investors to exercise patience before participating in new projects or tokens.