• ApolloX is a compromised decentralized crypto derivatives trading platform.
• The exchange’s trading rewards contract was exploited.
• The hacker stole 53 million APX tokens.

ApolloX is a cryptocurrency derivatives exchange. A hacker used a vulnerability in its trading reward agreement to gain 53 million APX coins.

NOTE: There is no loss of users’ funds.

We have made the truth holder of staking contractual changed. ApolloX also made an urgent repurchase for 12,748,585 APX tokens. The tokens that were lost will be replaced with APX from the exchange trading fees.

— ApolloX (@ApolloX_com) June 9, 2022

He accumulated 255 signatures, which he used to obtain 53 million APX tokens. As of the writing, this loss was estimated to be around $2.1million. It happened exactly at 11:20 UTC on June 8.

After the attack, the ApolloX team stopped the withdrawal function from DEX and immediately made a statement. A detailed investigation report will be made public by the ApolloX team. They also announced that they would repurchase the APX gained from trading fees to cover the losses.

They have now issued another update, claiming that they have altered the truth holder of their staking contract. ApolloX stated that the team did not lose any funds. In an emergency situation, they purchased 12,748,585 APX coins.

After the exploit, ApolloX’s token plunged by 60%. ApolloX had just completed its seed round of funding. The amount is not disclosed at this time. Binance Labs, Kronos Research are two notable investors.

Attackers are trying to exploit every security loophole in order to increase the number of crypto-scams. Even as security systems are updated on platforms, criminals continue to seek out loopholes and exploit them to execute their attacks.

Continue reading on CoinQuora