ApolloX concludes a fresh investment round and is hacked for $2.8 million in APX tokens


A hacker stole $2.8 million worth of APX tokens only hours after ApolloX claimed it had closed a fresh investment round by exploiting a network fault.

A bittersweet event for the premier DeFi platform occurred on Wednesday, June 8th, leaving a lasting impression on the ApolloX management team.

Binance Labs and Kronos Research were among the major investors in the crypto firm’s recent investment round, which was announced in the wee hours of Wednesday.

Even though it was a success, the network was breached within hours of its launch and hostile gamers stole 53 million APX tokens worth $2.8 million from the network.

Roughly the last 24 hours, the APX token price has fallen by over 11 percent, however, the network attempted to stabilise the situation by repurchasing 12,748,585 tokens worth $600,000 in an emergency buyback.

The repurchased tokens were then declared to be utilised to satisfy APX staking reward withdrawals by the network.

This was discovered by ApolloX after the hacker accumulated 255 signatures, which were used to take 53 million APX tokens from the network’s trading rewards contract.

For now, the network says has changed the holder of the contract’s truth while still ensuring that all cash belonging to its customers is secure to avoid a repeat.

ApolloX’s hacker pleaded for petrol costs

There are indications that the ApolloX hacker asked the crypto community for gas fees in order to carry out the assault.

Police said the hacker sent them a message asking for 1 Matic, which was used to pay for the petrol for the exploit, according to Officer CIA.

To establish his innocence, Officer CIA said that, if necessary, he would ‘totally help’ the inquiry and even ‘publicly divulge’ his identity.

Later, it was discovered that the hacker had been pleading for the 1 Matic on a number of crypto-related message boards.

Polygonscan has already detected the hacker’s IP address as having been engaged in the ApolloX attack as of the time of this writing.

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