Decentralized autonomous organization BonqDAO suffered an attack that resulted in $120 million in crypto being stolen by a hacker.
A lending protocol BonqDAO was hacked. According to PeckShield, the hacker stole 98 million Bonq Euro (BEUR) worth $108 million and 113.8 million ALBT (wALBT) worth $11 million. The total amount of damage is about $120 million.
PeckShield analysts found that the hacker managed to modify the updatePrice function of the oracle in one of the protocol’s smart contracts. This allowed the attacker to manipulate the price of the AllianceBlock token (ALBT) to mint BEUR and wALBT. After minting, the hacker exchanged the tokens for USDC via the Uniswap exchange.
BonqDAO representatives reported that the protocol was temporarily halted and the team was working on its recovery. ALBT’s issuer AllianceBlock reported that none of their smart contracts had been compromised. However, the team suspends exchange trading on Bonq and has started removing the liquidity of the tokens in the protocol.
Recall that hackers stole about $3 billion from crypto protocols in 2022, twice as much as in all of 2021.
