Hackers stole assets worth $88 million from the BonqDAO protocol

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A new hack of another cryptocurrency project occurred on the night of February 2. BonqDAO smart contracts came under attack, and the attackers managed to withdraw assets worth $88 million.

BonqDAO is a non-custodial lendingplatform. The hackers were able to gain access to one of the “BonqDAO treasuries,” as the protocol calls the equivalent of pools. The difference is that the treasuries are controlled by users and are used to issue a payment token beur, pegged to the euro. Unknown people were able to withdraw 98 million beur tokens and 114 million walbt tokens, the wrapped token of the AllianceBlock cryptocurrency project.

After the hack, the hackers were able to sell assets for$1.2 million and transfer it to ETH and stablecoins. However, problems arose with the sale of the remaining tokens - there is simply not enough liquidity on the market to absorb the stolen number of tokens.

Representatives of the AllianceBlock projectemphasized that their smart contracts were not used in the hack - the reason was precisely the BonqDAO protocol. Teams from both projects are working to remove liquidity from the market to make it more difficult for hackers to exchange funds. In addition, the AllianceBlock team is working on ways to compensate losses to holders of the albt token - the developers took a snapshot of the network with user balances. They plan to issue and distribute a corresponding number of tokens to holders.

In the middle of the month the hack was reported
cryptocurrency exchanger Bitzlato, but then it turned out that the situation was more complicated. Soon the founder of the platform was arrested
in USA.