Axion Warns the Community: Beware of Scammers

Crypto project Axion — the rising star of the DeFi sector — had quite a few problems with scammers, itself. These incidents happened quite recently, too.

Published January 14, 2021 Updated 5 months ago

Online scams are nothing new on the internet. Ever since the first person figured out how to make money off the web, there were people trying to exploit, trick, steal, and scam in any way possible.

The same is true for the crypto industry. In fact, the crypto sector did not only suffer from scammers and hackers — they were the majority of crypto users back in the early days. The only people who used crypto apart from them were tech geeks who stumbled upon Bitcoin and shared their discovery with others who were interested.

Scams and hacks continue to this day, unfortunately. Of course, the crypto sector is safer than most other methods of sending money, as it is based on blockchain. As such, transactions are transparent, and blockchain immutability allows for every approved transaction to be a done deal. At least, when it comes to strong projects with a greater number of validators.

But, one more thing to think of is the human factor. Scams can still happen to this day because people do not try to trick the system, but rather the people operating the system.

They are exploiting those who do not know how to protect themselves adequately, or those unfamiliar with how certain things work.

Axion vs Scammers

Axion is a new project, in development for about a year, with its mainnet only being live for a little over a month. Despite this, the project has been very successful, and its community has been growing even before the mainnet launch.

The project is not only promising, but also popular, which is key to any project’s success.

Unfortunately, this is also something that attracts scammers. The more popular the project is, the more people it attracts, and those unfamiliar with the cruel ways of the internet are bound to be among them. This is where scammers hunt for their victims.

Now, as mentioned, scammers are typically not hackers. They won’t try to conduct 51% attacks or brute force attacks against specific users. Instead, they use clever methods of getting users to give them their sensitive information.

As Axion revealed on its Discord, there were several attempts to trick the members of its community. One warning came on November 30th, noting that:

“Someone seems to have made a fake Axion Telegram group, and is imitating team members there. If you’re in a scam Telegram, please warn others in it and report the group itself.”

It is also worth noting that this happened at the time when Axion’s own official Telegram was disabled. However, not everyone has accounts on every social network, and many users were glad to find Axion’s presence on Telegram. Unfortunately, at the time of this announcement, those were scammers trying to trick people out of their money by promising giveaways, airdrops, and alike, in return for a small upfront investment.

The official Telegram re-opened on December 8th, so seeking out the group now would likely lead users to the real deal.

Scammers Strike Again

Only around five days after the first announcement, Axion published another warning on its social media, noting that there are several bot accounts, spamming under the name of ‘Axion Official News.’

Axion stressed that this is fake, and that anyone operating under this name is a scammer. Furthermore, they stressed their usual policy, which is to never DM their community members first.

Axion team members are happy to answer any questions, but they do not initiate a conversation through private channels, ever. Anyone who does this and presents themself as an Axion official or developer should be reported.

Why are Scammers So Determined to Target Axion Users?

As mentioned, scammers always go and target communities and individuals where they smell an opportunity. With Axion’s rapid development and impressive growth only a month upon launch, it is hardly surprising that scammers expect that there is money to be made here.

While this is a bad thing as it attracts bad actors, it is good for the members of Axion’s community. It means that the word is spreading, and that the project’s influence is growing.

Besides, this is hardly the first time that Axion had trouble with bad actors. As many remember, the project was hacked on the very day of its launch by a rogue subcontractor who stole half a million from it. But, the project recovered thanks to its community, and it now does all in its power to ensure its safety, constantly reminding its members to remain cautious.

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Ali Raza Ali is a journalist with extensive experience in content creation, including online journalism and marketing. He holds a master's degree in finance and enjoys writing about cryptocurrencies and FintTech. Ali's work has been published on a number of major financial publications.