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  • DeFi protocol BonqDAO lost $120 million after cyber attack


    Cybersecurity company PeckShield said that cybercriminals hacked the BonqDAO crypto protocol and stole assets worth $120 million.

    The hacker attacked the blockchain price oracle of the project, and was able to increase the rate of the AllianceBlock token (ALBT), issue a large number of Bonq Euro tokens (BEUR) and then exchange them for other cryptocurrencies on the Uniswap platform.

    BonqDAO is a decentralized crypto lending protocol running on the Polygon blockchain. According to DeFiLlama, the total value of assets locked in BonqDAO was $12.9 million on Feb. 1, and $201,000 on Feb. 2.

    BEUR is a stablecoin of one of the BonqDAO vaults pegged to the euro, and WALBT (Wrapped AllianceBlock Token) is a native token that is a copy of the AllianceBlock token. Based on Binance Coin.

    According to PeckShield, after the hack, the BonqDAO project lost about $120 million in assets. Of these:

    • $108 million in BEUR;
    • about $11 million in WALBT tokens.

    After the attack, the hacker burned WALBT tokens to unlock ALBT. Token burning is the destruction of part of the emission in order to limit supply and fight inflation. Usually, after that, the value of the asset rises or stabilizes. According to analysts, the attacker became the second largest owner of the ALBT cryptocurrency.

    After the hack, the Bonq Euro (BEUR) exchange rate fell by more than 30%, lost its peg to the euro and began to cost $0.73. According to CoinGecko, on February 2, the token was trading at $0.84. The ALBT rate fell by 56.7% from $0.106 to $0.047.

    According to researchers, in 2022, the amount of cryptocurrency stolen by hackers from various blockchain platforms amounted to $3.5 billion. The main targets of cybercriminals were the Binance Smart Chain (BSC) ecosystem and cross-chain bridges. Together, they lost more than $2 billion in 92 attacks.

    Author DeepWeb
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