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ApolloX completes new funding round, gets hacked of $2.8M APX tokens

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Wednesday, June 8th will remain a memorable day for the leadership of ApolloX as the leading DeFi platform has a bittersweet moment.

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Early Wednesday morning, the crypto firm revealed that it had raised an undisclosed amount in a funding round that included some well-known investors in the industry such as Binance Labs and Kronos Research.

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However, this joy was short-lived, as several hours passed after its announcement; the network was hacked by attackers who carried off 53 million APX tokens worth $2.8 million.

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This hack resulted in the price of the token falls up over 11% in the last 24 hours, but the network tried to stop the situation by making an emergency buyback of 12,748,585 APX tokens worth $600,000.

The network later announced that the redeemed tokens would be used to withdraw APX staking rewards.

A hacker took advantage of a bug in the network trading reward contract

ApolloX reported that the hacker used a bug in the network trading reward contract to collect 255 signatures, which were used to withdraw 53 million APX tokens from the withdrawal contract.

Meanwhile, to prevent a repeat in the future, the network said it had changed ownership of the staking contract and also confirmed that the funds of all its users are safe.

ApolloX hacker asked for gas fees

There have been indications that the ApolloX hacker was asking members of the crypto community to pay for the gas he used to carry out the attack.

According to Officer_cia, the hacker sent him a message asking for 1 Matic, which was eventually used as a gas fee for the exploit.

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

It was also later revealed that the hacker was asking for 1 Matic in several crypto-related chats.

At the time of publication, Polygonscan flagged the hacker’s address as being involved in the ApolloX hack.





Credit : cryptoslate.com

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