The cryptocurrency market is a ruthless market, especially for beginners and those who are not well-informed or who are looking to make a quick profit without knowing the basics.

The price of Axion Network’s AXN cryptocurrency collapsed by 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.

AXN dollars Straight to the grave using Hext2T
79 billion AXN (AXN) were minted and sold. Show some weaknesses? pic.twitter.com/p1L0kckSW0

– ManilaMax (@ManilaMax1) November 2, 2020

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As we indicated, 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 that this could be due to a malicious party.

The COO of the “Axion Network” project commented on the project’s official Telegram channel:

There appears to have been a loophole in the contract regarding the risks.

$500,000 has been stolen.

In the meantime, the Axion project team advises users to stay away from the coin.

The Operations Director of the “Axion Network” project added:

Don’t buy AXN now.

According For CoinGecko, the price of AXN cryptocurrency immediately dropped from $0.00034079 to $0.00000015, which means a 99% drop.

As a result of the news, some AXN holders are criticizing Axion for failing to clearly and early warn users.

One of the affected said:

I was told that I lost all my AXN coins.

this is not fair.

The Axion project calls itself a high-interest investment platform.

Read:How VeChain tracked down $6.1 million worth of stolen coins

It encourages users to lock their cryptocurrency and claims that they will be able to enjoy life, and live out of interest!

And that’s not the only dubious promise about the project.

The AXN coin was initially distributed free of charge (airdrop) to HEX holders in a 1:1 ratio.

We have previously warned in Arab Bitcoin about the HEX fraud project and the existence of a relationship between the AXN coin and Hex, it raises more concerns about the AXN coin.

The HEX project, after being warned about it in Arab Bitcoin, was also pointed out by Andreas Antonopoulos, an influential figure in the crypto arena, that he was offered 10 BTC ($134,934) for an interview with the project with the aim of showing that the HEX project was not a scam.

He told Antonopoulos he was asked not to disclose the financial incentive.

Project Axion also appears to be similar to HEX in its attempts to lure users into high rewards for locking in their cryptocurrency.

Read:The demand for Ethereum is weakening and there is a serious imbalance between buying and selling it…according to one of the analysts

According to the Axion Network project website, code audits of the project were conducted by well-known audit teams such as Hacken and Certik, and a smart contract code review and security analysis were conducted.

According to the same site:

The goal was to ensure that our network was tested and secure, thus providing a very strong foundation for the long term.

But although the project has undergone various scrutiny and is ambitious for the long term, it did not last more than five hours!

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