Hackers stole assets worth $88 million from the BonqDAO protocol

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

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

After the hack, the hackers were able to sell assets worth $1.2 million and convert them into ETH and stablecoins. However, there were problems with the sale of the remaining tokens – there is simply not enough liquidity on the market to absorb the stolen amount of tokens.

Representatives of the AllianceBlock project emphasized that their smart contracts were not used in the hack – the reason is precisely in the BonqDAO protocol. The teams of both projects are working on withdrawing liquidity from the market to make it harder for hackers to exchange funds. In addition, the AllianceBlock team is working on ways to compensate for losses to holders of the albt token – the developers took a snapshot of the network with user balances. They plan to issue and distribute an appropriate amount of tokens to holders.

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