ApolloX suffers $2.8M hack after securing latest seed funding round ApolloX suffers $2.8M hack after securing latest seed funding round

ApolloX suffers $2.8M hack after securing latest seed funding round

Hours after ApolloX confirmed that it had completed a new funding round, a hacker exploited a bug on the network to steal 53 million APX tokens, worth $2.8 million.

ApolloX suffers $2.8M hack after securing latest seed funding round

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Wednesday, June 8, will remain a day to remember for the ApolloX management as the leading DeFi platform experienced a bitter-sweet moment.

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

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

This hack has led to the token price falling by over 11% within the last 24 hours, but the network tried to arrest the situation by making an emergency repurchase of 12,748,585 APX tokens worth $600,000.

The network later announced that the repurchased tokens would be used to fulfill withdrawals of its APX staking rewards.

Hacker exploited a bug in the network trading reward contract

ApolloX has 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 prevent a future recurrence, the network said it had switched the truth holder of the staking contract while also maintaining that all of its users’ funds were safe.

ApolloX hacker begged for gas fees

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

According to Officer_cia, the hacker sent him a message where he begged for 1 Matic that was eventually used as gas fees for the exploit.

Officer_cia continued that he was willing to ‘fully assist’ in the investigation and even ‘publicly disclose’ his identity to prove his innocence.

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

As of press time, Polygonscan has flagged the hacker’s address for being involved in the hack of ApolloX.