Crypto project BonqDAO suffered a loss of $120 million as a result of the oracle hacking attack.
Hacking attacks in the crypto industry remain a problem. Last year, billions of dollars were lost as a result of hacking attacks. The gaps and anonymous environments created by smart contracts also ensure the continuity of hacking attacks. Also, crypto project BonqDAO announced that it suffered a $120 million hack.
BonqDAO Loses $120 Million After Hack Attack
Crypto platform BonqDAO suffered a massive smart contract exploit in which it lost $120 million.
Announcing on Twitter, the project stated that it suffered great losses as a result of a hack attack it experienced the other day. The project reported that the hacker carried out an attack that would manipulate the price of the AllianceBlock (ALBT) token.
Bonq protocol was exposed to an oracle hack, where exploiter increased the ALBT price and minted large amounts of BEUR. The BEUR was then swapped for other tokens on Uniswap. Then, the price was decreased to almost zero, which triggered the liquidation of ALBT troves.
— BonqDAO (@BonqDAO) February 1, 2023
According to the statement made by the project team, the hacker increased the price of ALBT, which allowed him to print large amounts of BEUR. The hacker then switched to Uniswap and replaced the BEURs in his hand with other tokens. This move drove the price down to almost zero and the ALBT treasury was liquidated.
Portfolio tracker DeBank stated that the hack had an impact on several transactions, with the largest amounting to $82.19 million.
