ApolloX Seed Fund Exploit Amounts to $2.8M Worth of APX Token

  • Crypto DEX ApolloX was attacked by hackers.
  • The hacker accumulated 53 million APX tokens from trading rewards.
  • Users’ funds were not compromised by the attack.

Crypto derivatives exchange ApolloX has been exploited for $2.8 million worth of APX tokens by unknown hackers. The attack took place on the same day as the exchange secured an undisclosed amount of funding from top investors, such as Binance Labs, Research Kronos, and five others.

According to ApolloX, the exploit happened on June 8 around 11:20 AM UTC. The hacker took advantage of a flaw in the trading reward contract of the exchange. 

In detail, the hacker amassed 255 signatures and used them to withdraw 53 million APX tokens from the withdrawal contract. The incident caused the APX token to drop by 60% at the time of the exploit.

After the attack was detected, the ApolloX team briefly disabled the withdrawal function on its derivatives exchange. ApolloX team pledged to make up for the exploited amount by using earned trading fees via its platform to repurchase APX. 

The team restored the withdrawal function on its exchange a day after. Yet, it seems like they were unable to retrieve the lost funds. The exchange also spent $600,000 repurchasing 12.7 million APX tokens. 

ApolloX said changes in the truth holder of the staking contract were implemented, which guarantees that the incident won’t happen again. They also pointed out that no users’ funds were compromised by the attack.

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.