March 29, 2024

Hacker attacked Russian crypto project and stole $ 450 thousand in Ethereum

An unknown person exploited the code vulnerability and independently issued 80 billion AXN tokens. He then sold them toexchange by appropriating 1300 ETH of investors.

Axion Network token developed by the Russianby the Rock'N'Block project, depreciated in a few minutes. The AXN cryptocurrency was released yesterday and added to the Uniswap exchange immediately after. At first, the token was worth about $ 0.0005. But a few minutes after the opening of trades, the rate fell to almost zero, where it remains now.

AXN token price chart (Photo: astrotools.io)

The fall in the price of AXN is the result of a hacker attack. The unknown person, while adding the asset to the exchange, used the vulnerability of a smart contract and independently issued almost 80 billion AXN tokens. Then he transferred them to Uniswap and sold, appropriating about 1300 Ethereum, that is, all the funds invested by investors. At the current exchange rate, this is about $ 450 thousand, reports Cointelegraph.

Immediately after the attack, the Axion Network team wroteon a Twitter account, which compensates investors for lost funds. Also, the developers announced that they will try to restart the project in the near future.

The Axion Network team before launching theirproject ordered an audit of the smart contract code. It was checked by 5 independent teams and did not reveal any bugs or vulnerabilities. One of the auditors, startup CertiK, after the attack suggested that it was organized by someone from the Axion Network insiders. After the audit, he could add a loophole to the smart contract and use it after listing the token on Uniswap.

At the end of October, hackers attacked the DeFi projectHarvest Finance. An unknown person was able to embezzle $ 25 million worth of cryptocurrencies in 7 minutes. He spent part of the stolen funds through a confusing transaction Tornado Cash mixer.

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