110 million dollars stolen from the Defi protocols Bonqdao and Allianceblock

110 million dollars stolen from the Defi protocols Bonqdao and Allianceblock

The self-managed financial service provider Bonqdao was used by an oracle hack that led to the theft of $ 110 million of crypto from the protocol.

During the exploits, the attacker managed to manipulate the price of Allianceblock Wrapped Tokens (Walbt) and to capture 100 million walks worth over $ 10 million.

What happened?

An analysis of the blockchain security company Peckshield uncovered that the exploiter has changed the updateprice function of the oracle in one of Bonqdao's smart contracts. This made it possible to manipulate the price of the whale token.

With the increased whale price, the exploiter was able to shape over 100 million beur tokens worth more than $ 100 million. Beur is the stable coin of the Bonqdao.

In subsequent transactions, the exploiter bee-token, worth $ 500,000 against USDC, continued to manipulate a uniswap and the Walbt price. This led to the dissolution of a bundle of 33 albt finds.

At the end of the exploit, the hacker passed away with 113.8 million whaling and 98 million bee token. As a result, the value of the whale token broke up by 51 %, while Beur lost 34 % of its value.

during the announcement of the attack, bonqdao disclosed that other finds were not affected. The protocol was paused and its operators were actively working on a solution that enables users to withdraw their remaining collateral without replacing the Beur in the find pits.

Allianceblock for Airdrop affected users

Allianceblock, on the other hand, told to his users that the incident was only limited to the find pits and that none of his smart contracts affected. The decentralized infrastructure platform announced that the albt trade had been set on all stock exchanges and was there to remove liquidity.