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

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Wednesday, June 8, will stay a day to recollect for the ApolloX administration because the main DeFi platform skilled a bitter-sweet second.

In the early hours of Wednesday, the crypto agency revealed it had raised an undisclosed quantity in a funding spherical that concerned some notable traders within the business like Binance Labs and Kronos Research.

However, that pleasure was short-lived as a couple of hours after its announcement; the community was hacked by malicious gamers who carted away 53 million APX tokens price $2.8 million.

This hack has led to the token price falling by over 11% throughout the final 24 hours, however the community tried to arrest the scenario by making an emergency repurchase of 12,748,585 APX tokens price $600,000.

The community later introduced that the repurchased tokens can be used to meet withdrawals of its APX staking rewards.

Hacker exploited a bug within the community buying and selling reward contract

ApolloX has revealed that the hacker exploited a bug within the community’s buying and selling rewards contract to build up 255 signatures which had been used to withdraw 53 million APX tokens from the withdrawal contract.

Meanwhile, to forestall a future recurrence, the community stated it had switched the reality holder of the staking contract whereas additionally sustaining that every one of its customers’ funds had been secure.

ApolloX hacker begged for fuel charges

Indications have emerged that the ApolloX hacker begged for the fuel charges he used to hold out the assault from crypto neighborhood members.

According to Officer_cia, the hacker despatched him a message the place he begged for 1 Matic that was finally used as fuel charges for the exploit.

Officer_cia continued that he was prepared to ‘fully assist’ within the investigation and even ‘publicly disclose’ his id to show his innocence.

It additionally later emerged that the hacker was begging for the 1 Matic throughout a number of crypto-related chat rooms.

As of press time, Polygonscan has flagged the hacker’s handle for being concerned within the hack of ApolloX.

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