The BonqDAO contract vulnerability attack resulted in a loss of 88 million dollars

2023-02-02 09:01:57

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ChainCatcher news, according to The Block, the non-custodial lending platform BonqDAO and the crypto infrastructure platform AllianceBlock were hacked due to a vulnerability in BonqDAO's smart contract, resulting in a loss of approximately $88 million. The hacker removed about 114 million WALBT (AllianceBlock's wrapped native token) and 98 million BEUR tokens from a treasury controlled by users, which is used to mint the euro-pegged payment token BEUR.

The technical reasons for the vulnerability are currently unclear. The hacker has sold approximately $1.2 million worth of tokens, but due to insufficient liquidity, it is difficult to convert them all into stablecoins or ETH.

Additionally, AllianceBlock stated that the incident is unrelated to the BonqDAO treasury, and no smart contracts were compromised. Both teams are committed to eliminating liquidity to mitigate the hacker's ability to convert the stolen tokens into other assets and have halted all exchange trading; AllianceBlock has also suspended cross-chain bridging on the AllianceBlock bridge until the situation is resolved. (Source link)

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BonqDAO attack AllianceBlock

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