The cryptocurrency market is an unforgiving market, especially for the beginners and the ill-informed or aspiring to make a quick profit without knowing the basics.
The price of Axion Network's AXN token has collapsed 99% just a few hours after the coin went live.
At the time of writing this article, 79 billion AXN has been unexpectedly minted and sold.
As we mentioned, the AXN digital currency was launched in the early hours of November 2, 2020, hours later the currency clearly collapsed.
The team behind the AXN coin project said this could be due to a malicious actor.
The Director of Operations of the “Axion Network” project commented on the official project channel on Telegram:
It appears there has been a loophole in the contract regarding the risks.
$ 500,000 has been stolen.
Meanwhile, the Axion project team is advising users to stay away from the coin.
The Director of Operations in the “Axion Network” project added:
Don't buy AXN right now.
According to CoinGecko, the price of the AXN digital currency instantly fell from $ 0.00034079 to $ 0.00000015, meaning a 99% drop.
As a result of the news, some AXN holders criticize Axion for failing to warn users clearly and early.
One of those affected stated:
I was told that I lost all my AXN coins.
this is not fair.
The Axion Project calls itself a high-interest investment platform.
It encourages users to lock down their digital currencies and claims that they will be able to enjoy life, and live from the benefit!
And this is not the only dubious promise about the project.
AXN was initially distributed free of charge (airdrop) to holders of HEX in a 1: 1 ratio.
The HEX project, referred to by “Andreas Antonopoulos”, who is an influential figure in the crypto arena, that he was offered 10 Bitcoin ($ 134,934) for an interview with the project with the aim of showing that the HEX project was not a fraud.
He told Antonopoulos that he was asked not to disclose the financial incentive.
Project Axion also appears to be similar to HEX in its attempts to deceive users with high rewards in exchange for locking out their cryptocurrencies.
According to the "Axion Network" project site, the project code audits have been performed by well-known auditing teams such as "Hacken" and "Certik" and that a smart review of the contract code and security analysis has been performed.
According to the same site:
The goal was to ensure our network is tested and secure, thus providing a very strong foundation on which to build for the long term.
But although the project had undergone various audits and had a long-term ambition, it lasted no more than five hours!
great post nice writings