Home » Exploiter Walks Away with $110 Million in Crypto from BonqDAO Oracle Hack

Exploiter Walks Away with $110 Million in Crypto from BonqDAO Oracle Hack

by Logan King

BonqDAO, a self-sovereign financial services provider, has been the victim of an oracle hack, resulting in the theft of $110 million worth of crypto. An analysis by blockchain security firm PeckShield revealed that the hacker was able to manipulate the price of AllianceBlock wrapped tokens (wALBT) and mint over 100 million BEUR tokens worth more than $100 million. The hacker then swapped $500,000 worth of BEUR tokens for USDC on Uniswap and further manipulated the price of wALBT, resulting in the liquidation of a bunch of 33 ALBT troves. In total, the hacker made away with 113.8 million wALBT and 98 million BEUR tokens.

In response, BonqDAO paused its protocol and is actively working on a solution to enable users to withdraw their remaining collateral without replacing the BEUR in the troves. AllianceBlock, on the other hand, told its users that the incident was isolated to just the troves and affected none of its smart contracts. The decentralized infrastructure platform is in the process of removing liquidity and halting all exchange trading. AllianceBlock also plans to take snapshots of users’ balances before the exploit, mint new ALBT tokens, and airdrop them to victims.


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