Polygon’s original stablecoin, Qi Dao, faced a security breach from its Superfluid vesting contract, which caused the price of the Qi Dao (QI) regulatory token to drop 65 percent, dropping from $1.24 to $0.18.
Qi Dao took to Twitter to reveal the exploit on the Superfluid vesting contract, but it assured users that their funds would be safe and that Qi Dao’s funds would not be affected. Superfluid also confirmed the exploit on Qi Dao, saying: that it is investigating the situation and will continue to update This protocol allows users to move real-time on-chain assets from one wallet to another.
“Today at 6:48 AM GMT, we have received a notice of a security breach of Superfluid vesting contract by QiDAO. We are investigating the incident and will notify you on this thread and our Discord server.”
Although it does not affect the user’s funds. But the hacker behind the attack It managed to escape with $20 million worth of tokens, including 24 Wrapped Ether (wETH), 562,000 USD Coin (USDC), 44,000 Stake DAO (SDT), 1.5 million Museum of Crypto Art (MOCA), 23,000 Stacker Ventures. (STACK) and nearly 40,000 sdam3CRV, with preliminary data suggesting that the stolen funds belonged to the early project sponsors and included the tokens received by the team.
Analytical firm SlowMist has created a fund tracker. and after analyzing the wallet transaction data Expect hackers to steal cryptocurrencies It was worth about $13 million.
The hackers behind the attack The company began dumping the stolen Qi Dao on QuickSwap, causing the token’s price to drop 65%. The Polygon community took the opportunity to buy the dip and helped the token’s price go back up to $0.6 after. It’s down to under $0.18. It’s important to note that the vulnerability was implemented using a vulnerability in Superfluid, not Qi Dao.
Qi Dao has temporarily stopped the bridge and hopes to fix the problem soon. However, the community has shown strong support for the stablecoin protocol, highlighting that this is due to a third-party vulnerability rather than an issue with the Qi Dao protocol.
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