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CertiK Dissects the Axion Network Incident and Subsequent Price Crash
Summary: On November 2, the Axion Network launched its new token, known as AXN. A few short hours after the launch, an unauthorized actor unexpectedly minted 79 billion AXN and unloaded them on the market, according to a report by Cointelegraph. The price collapsed in excess of 99%, netting the attackers a cool 1300 ETH — ...
On November 2, the Axion Network launched its new token, known as AXN. A few short hours after the launch, an unauthorized actor unexpectedly minted 79 billion AXN and unloaded them on the market, according to a report by Cointelegraph. The price collapsed in excess of 99%, netting the attackers a cool 1300 ETH — worth an estimated $500K at time of publication.
CertiK staff report on the Axion price crash. The hacker proceeded to then dump the tokens on the AXN Uniswap exchange for Ether, repeating this process until the Uniswap exchange was drained and the token price was driven to 0.The attack utilized code that was deliberately injected prior to the protocol’s deployment. This incident bears no relation to the audits conducted by CertiK and the party responsible for the attack was a person that seemed to be involved with the deployment of the Axion Network contracts.
By Amy Liu
Tags: Attack,Axion Network,Certik,Token
Link: CertiK Dissects the Axion Network Incident and Subsequent Price Crash [Copy]
