Beosin: Analysis of the $88 Million Attack Incident on BonqDAO and AllianceBlock

ChainCatcher news reports that according to the monitoring of the Beosin EagleEye security risk monitoring, early warning, and blocking platform under the blockchain security audit company Beosin, the crypto protocols BonqDAO and AllianceBlock were subjected to price manipulation attacks today. The Beosin security team analyzed that the reason for the attack was that the attackers raised the price of ALBT and minted a large number of BEUR tokens, then exchanged BEUR for other tokens on Uniswap, causing the price of ALBT to drop to nearly zero, which further triggered the liquidation of the ALBT treasury, resulting in a loss of approximately 88 million dollars.

Beosin Trace tracking has found that most of the profit funds are still in the hacker wallet. Currently, the AllianceBlock and Bonq teams, along with all relevant partners, are eliminating liquidity and halting all exchange trading. At the same time, all activities on the AllianceBlock Bridge have been suspended.