An estimated $120 million being stolen from BonqDAO protocol
According to an independent investigation by blockchain security company PeckShield, an exploit in one of BonqDAO’s smart contracts cost the cryptographic protocols AllianceBlock and BonqDAO over $120 million.
Around $108 million of the 98.65 million BEUR tokens and $11 million of the 113.8 million wrapped-ALBT (wALBT) tokens were stolen by the hacker.
BonqDAO is a platform for borrowing and lending. AllianceBlock is a platform for decentralized crypto infrastructure that links traditional financial institutions and fintech companies to decentralized finance apps.
The hacker has sold around $1.2 million worth of tokens so far, but due to illiquidity, it is difficult to convert the entire sum into stablecoins or ETH.
AllianceBlock claimed on Twitter that no smart contracts were violated and that the event was limited to the BonqDAO troves. Both parties stopped all exchange trade and attempted to reduce liquidity to prevent hackers from transferring the stolen tokens into other assets.
Until the issue has been fixed, AllianceBlock has likewise stopped bridging on the AllianceBlock Bridge. AllianceBlock is developing a plan to give affected albt holders compensation. Before the attack, it took a picture of its holders, and it will mint and give away fresh albt tokens to the impacted people.
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