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Self-sovereign monetary providers supplier BonqDAO has been exploited by way of an oracle hack resulting in the theft of $110 million in crypto from the protocol.
Throughout the exploit, the attacker managed to govern the worth of AllianceBlock wrapped tokens (wALBT) and made away with 100 million wALBT value over $10 million.
What Occurred?
An evaluation by blockchain safety agency PeckShield revealed that the exploiter modified the updatePrice operate of the oracle in considered one of BonqDAO’s good contracts. This enabled the manipulation of the worth of the wALBT tokens.
With the elevated wALBT value, the exploiter was capable of mint over 100 million BEUR tokens value greater than $100 million. BEUR is the stablecoin of BonqDAO’s protocol.
In subsequent transactions, the exploiter swapped $500,000 value of BEUR tokens for USDC on Uniswap and additional manipulated the worth of wALBT. This led to the liquidation of a bunch of 33 ALBT troves.
By the top of the exploit, the hacker walked away with 113.8 million wALBT and 98 million BEUR tokens. This induced the wALBT token worth to plunge by 51%, whereas BEUR misplaced 34% of its worth.
Whereas saying the assault, BonqDAO disclosed that different troves have been unaffected. The protocol was paused, and its operators have been actively engaged on an answer to allow customers to withdraw their remaining collateral with out changing the BEUR within the troves.
AllianceBlock to Airdrop Affected Customers
AllianceBlock, then again, told its customers that the incident was remoted to simply the troves and affected none of its good contracts. The decentralized infrastructure platform disclosed that ALBT buying and selling in all exchanges had been halted, and it was within the technique of eradicating liquidity.
“The AllianceBlock and Bonq Groups, together with all linked companions, at the moment are within the technique of eradicating the liquidity and are halting all alternate buying and selling. We have now paused all exercise on AllianceBlock Bridge within the meantime,” AllianceBlock stated.
In the meantime, AllianceBlock plans to take snapshots of customers’ balances earlier than the exploit, mint new ALBT tokens, and airdrop them to victims.
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