BonqDAO Protocol Hacked, Over $120 Million Damaged

BonqDAO, behind the Bonq protocol, told followers on Twitter on Feb. 1 that its protocol had been hacked by Oracle. This allows attackers to manipulate the price of tokens. AllianceBlock (ALBT)

PeckShield estimated losses from the Bonq hack to be approximately $120 million, consisting of $108 million of 98.65 million BEUR tokens and $11 million of 113.8 million wrap-ALBT (wALBT) tokens.

PeckShield explained that attackers were able to change oracle’s updatePrice function from one of BonqDAO’s smart contracts, meaning they could manipulate the price of wALBT tokens.

The hacker then swapped around $500,000 worth of BEUR into USDC on Uniswap before burning all 113.8 million wALBTs to unlock the ALBT.

The attackers then dumped the BEUR and ALBT tokens into USDC ($500,000) and 144. ETH (236,000)

AllianceBlock — the ALBT token issuer — shared the news on February 1, explaining that an attacker had access to 113.8 million ALBT tokens and that the team is working on removing all liquidity on Bonq and halting trading.

The announcement from AllianceBlock also added that they will be making new ALBT tokens available to those affected by the attack.

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