The Axion team announced an upcoming relaunch after one of the developers injected malicious code that allowed him to mint and sell 79 billion AXN tokens.
A couple incoming questions coming from the community since this post:
— HEX2T holders will also be compensated
— The amount sold was 79B not 76B, that was a typo
— Do not buy HEX2T or AXN on uniswap at this time.— Axion (@axion_network) November 3, 2020
According to the project’s statement, the Axion Foundation collaborated with the RocknBlock development team to develop a new token.
To launch the mainnet, RocknBlock granted permission to deploy to one of its subcontractors. The Axion team says it was unaware of this.
According to Axion, he injected malicious code and used an exploit to mint and sell nearly 80 billion AXN tokens.
As a result, the attacker received about 1,300 ETH (nearly $500,000 at the time of writing).
As a consequence, the token price collapsed to near-zero levels.
Axion assured that the project would be relaunched and all token holders would receive full compensation.
Axion is Set to Relaunch November 11th
+ An opportunity to help build the liquidity pool and earn some discounted AXN
More info here: https://t.co/ln35KC2B1y
— Axion (@axion_network) November 4, 2020
CertiK, one of the project’s auditors, stressed that the code was changed after the audit was completed, just before the live smart contract launch.
The Axion $AXN exploit was added to their smart contract after the audits were completed, suggesting an inside job. Over 1300 #ETH was stolen.
The #SecurityOracle of #CertiKChain conducts security checks on live contracts to prevent silent changes like this. Read about the hack: https://t.co/rm7hnu7b8S
— CertiK Foundation (@certikorg) November 3, 2020
In October, an unknown attacker used $24 million in stablecoins from Harvest Finance pools to withdraw $19.8 million in renBTC. Representatives of the project explained the incident as an ‘engineering error’.
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