Wednesday, June 8th will be an unforgettable day for Apollo X admins as major DeFi platforms have experienced bittersweet moments.
Early Wednesday, crypto firms revealed that they had raised private amounts in a funding round involving industry-renowned investors such as Binance Labs and Kronos Research.
Have you seen the news yet? 👀
ApolloX has secured seed funding to promote continued expansion and form Web3 transactions! 🙌
👉 Click here for details on Yahoo: https://t.co/nJ7JKjGym0
— ApolloX (@ApolloX_com) June 8, 2022
But the joy was as short-lived as a few hours after the announcement. The network was hacked by a malicious player who carted $ 53 million worth of APX tokens worth $ 2.8 million.
This hack is Fall in token price Although it has increased by more than 11% within the last 24 hours, the network has sought to thwart the situation by urgently repurchasing $ 600,000 worth of 12,748,585 APX tokens.
🚨 Official Update: Fixed issue and resumed DEX withdrawal feature.
what happened?
1️⃣ The Apollo X team has spent US $ 600,000 on an emergency repurchase of 12,748,585 APX tokens. These APXs are assigned to fulfill the withdrawal of APX staking rewards.— ApolloX (@ApolloX_com) June 8, 2022
The network later announced that the repurchased tokens would be used to fulfill the withdrawal of APX staking rewards.
Hackers exploit bugs in network transaction reward contracts
ApolloX revealed that hackers have exploited a bug in the network’s transaction fee contract to accumulate 255 signatures used to withdraw 53 million APX tokens from withdrawal contracts.
🚨 Update: Findings from yesterday’s incident
Yesterday Coordinated Universal Time Around 11:30 AM, hackers exploited a flaw in Apollo X’s Trading Rewards contract to accumulate 255 signatures and use these signatures to withdraw 53 million APX tokens from the withdrawal contract. did.
— ApolloX (@ApolloX_com) June 9, 2022
Meanwhile, the network said it has switched the true owners of staking contracts, keeping all users’ funds safe, to prevent future recurrences.
Apollo X hacker begged for gas charges
There were signs that Apollo X hackers begged for the gas charges used to carry out attacks from crypto community members.
This guy hacked the project, and now everyone thinks it’s me. He used one matic I sent to him. https://t.co/yb6KXAQTSb
— CIA Officer (@officer_cia) June 8, 2022
According to Officer_cia, the hacker sent him a message requesting 1 Matic. This was eventually used as an exploit gas charge.
Officer_cia continued that he was pleased to “fully support” the investigation and even “publicly disclose” his identity to prove his innocence.
It was later revealed that hackers were begging for one matic in multiple crypto-related chat rooms.
At the time of the press, Polygonscan has flagged the hacker’s address as being involved in the hacking of Apollo X.
