TechFlow news — Regarding the recent exploit on BonqDAO's smart contract, AllianceBlock tweeted that an attack involving several ALBT Troves on Bonq had occurred, resulting in the attacker gaining access to approximately 110 million ALBT tokens. The team’s planned next steps include taking a snapshot prior to the attack and developing a solution for all affected users at the time of the snapshot. This will involve minting new ALBT tokens and distributing them via airdrop to the addresses captured in the snapshot.
Earlier reports indicated that the non-custodial lending platform BonqDAO and the cryptocurrency infrastructure platform AllianceBlock were hacked due to a vulnerability in BonqDAO’s smart contract, resulting in losses of around $88 million.
The hacker withdrew approximately 114 million WALBT (wrapped native tokens of AllianceBlock), along with 98 million BEUR tokens, from a BonqDAO vault. The exact technical cause of the vulnerability remains unclear. So far, the hacker has sold around $1.2 million worth of tokens, but due to insufficient liquidity, it has been difficult to convert all stolen tokens into stablecoins or ETH.
Additionally, AllianceBlock stated that this incident is unrelated to the BonqDAO vaults themselves and that no smart contracts were compromised. Both teams are committed to removing liquidity to prevent the hacker from exchanging the stolen tokens for other assets and have halted trading across all exchanges. The AllianceBlock Bridge has suspended cross-chain bridging until the situation is resolved.Original link
