ApolloX Suffers $2.8M Hack After Securing Latest Round of Seed Funding

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Wednesday, June 8 will go down as a memorable day for ApolloX management as the leading DeFi platform experienced a bittersweet moment.

In the early hours of Wednesday, the crypto firm revealed that it had raised an undisclosed amount in a funding round involving notable industry investors like Binance Labs and Kronos Research.

However, this joy was short-lived as a few hours after its announcement; the network was hacked by malicious players who took away 53 million APX tokens worth $2.8 million.

This hack led to the drop in token price by more than 11% in the last 24 hours, but the network tried to stop the situation by carrying out an emergency buyback of 12,748,585 APX tokens worth $600,000.

The network later announced that the redeemed tokens would be used to make withdrawals from its APX staking rewards.

Hacker exploited a bug in the network trading reward contract

ApolloX revealed that the hacker exploited a bug in the network’s trading rewards contract to accumulate 255 signatures which were used to withdraw 53 million APX tokens from the withdrawal contract.

Meanwhile, to avoid a future recurrence, the network said it had changed the truth holder of the staking contract while maintaining that all of its users’ funds were safe.

ApolloX Hacker Begged For Gas Charges

Indications have emerged that hacker ApolloX begged the gas charges he used to carry out the attack from members of the crypto community.

According to Officer_cia, the hacker sent him a message asking for 1 Matic which ended up being used as a fuel fee for the exploit.

Officer_cia went on to say he was ready to “fully assist” in the investigation and even “publicly reveal” his identity to prove his innocence.

It also later emerged that the hacker was begging for 1 Matic in several crypto-related chat rooms.

At press time, Polygonscan flagged the hacker’s address for his involvement in the ApolloX hack.

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