During the past day, there have been significant hacking attacks for two altcoins. As a result of the attack, a decrease was observed in the price of coins. Here are the details…
$5 million attack lowered altcoin price by 50 percent
According to an announcement from AllianceBlock, hackers stole around $5 million worth of AllianceBlock (ALBT) tokens on Bonq, a decentralized lending protocol. AllianceBlock paused all activity on its bridge after the attack on Wednesday afternoon. During the exploit, a Polygon wallet accessed 112 million ALBT tokens, connecting them from the Polygon network to the Ethereum network. Hackers also dumped Bonq euro (BEUR) tokens to get 500,000 USDC.
The protocol team, together with the Bonq team, will distribute new ALBT tokens and airdrop tokens to the affected wallet addresses. The announcement states, “The AllianceBlock and Bonq Teams, including all affiliated partners, are currently in the process of removing liquidity and are stopping all exchange trading.” AllianceBlock says none of its smart contracts were breached or compromised during the attack, but that doesn’t allay investors’ fears.
According to the data, the price of the ALBT token dropped by about 56 percent after the attack. During the Oracle hack, the attacker also minted 100 million BEUR tokens, bringing their price to almost zero. According to a representative from Bonq, this triggered the purge of the ALBT treasures that were subsequently affected. You can see the change in the price of ALBT in the chart below. The coin fell from $0.11 to $0.02716:
Bonq Euro (BEUR), on the other hand, experienced a sharp loss of value in 24 hours, currently at $ 0.083:
How did the attack take place?
PeckShield explained that the exploiter was able to modify oracle’s updatePrice function in one of BonqDAO’s smart contracts, meaning they were able to manipulate the price of the wALBT (wrapped ALBT) token. This triggered the exploitation of wALBT and BEUR. The hacker then traded approximately $500,000 worth of BEUR on Uniswap for USDC before burning all 113.8 million wALBT to unlock ALBT.
On-chain security watchdog “Spreek,” one of the first to notice the vulnerability, told his 18,800 Twitter followers that the exploiter later sold more BEUR and ALBT tokens for $500,000 and 144 ETH ($236,000) in USDC. PeckShield and others also noted that the price of BEUR and ALBT tokens dropped significantly in a short period of time.
In a follow-up tweet, BonqDAO said it was pausing the protocol and working on a recovery solution. The team is in the process of removing all liquidity from Bonq and has stopped trading on the exchange, adding that it does not leverage any smart contracts on AllianceBlock. BonqDAO is a decentralized autonomous organization that aims to provide interest-free, self-sufficient financial services to individuals and businesses without giving up ownership of their assets. cryptocoin.com As we reported, AllianceBlock is a decentralized infrastructure platform that connects traditional financial institutions to Web3 applications.
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