A small and medium-sized decentralized autonomous organization (DAO) has encountered very large-scale use of smart contracts, resulting in the possible theft of 120 million dollars in its agreements.
BonqDAO informed its Twitter followers on Feb. 1 that its Bonq protocol had been hacked by Oracle Network hackers, allowing cyber attacks to control the price of Alliance Block (ALBT) tokens.
According to a separate analysis by blockchain security company PeckShield, the loss caused by Bonq hacking is about US $120 million, including US $108 million damage caused by 98.65 million Beur tokens and US $11 million damage caused by 113.8 million packaged ALBT (WALBT) tokens.
Although system vulnerabilities have been exploited to work in multiple transactions, the larger deal will cost $82.19 million at 6:32 UTC on Feb. 1, according to multi-chain asset allocation tracking companies.
Most large-scale transactions take place on Polygon on the Internet.
PeckShield explained that cyber attacks can change Oracle's updatePrice function formula in a BonqDAO intelligence contract, which means they can control the price of wALBT tokens.
This leads to the exploitation of walbt and Beur. The network hackers then exchanged about $500000 worth of Beur for USDC on Uniswap, then damaged all 113.8 million wALBT to turn on ALBT.
Sprick, a security watcher on the chain, was one of the first to discover the flaw, telling her 18800 Twitter followers that the exploiters later lost more Beur and ALBT tokens for $500000 USDC and 144ETH ($236000).
PeckShield and others stressed that the price of Beur and ALBT tokens has fallen sharply in the short term:
In a subsequent tweet, BonqDAO indicated that the agreement had been terminated and was working on a fix.
The other treasure boxes were not affected. The Bonq protocol has been stopped. We are scientifically working on a solution that allows users to get all the remaining collateral without having to repay the Beur in the treasure chest. It will be announced tomorrow morning at central European time.
ALBT's token publisher Alliance Block also shared the information on Feb. 1, explaining to 51300 Twitter followers that an exploiter managed to win 113.8 million ALBT tokens.
The team showed that it had cleared all liquidity on Bonq and stopped exchange trading, filling in that Alliance Block did not take advantage of all blockchain smart contracts.
The Collaborative Lattice statement added that he would forge a new ALBT token for those who had been harmed before the announcement.
BonqDAO is a decentralized autonomous organization dedicated to providing interest-free internal territorial sovereign financial information services to individuals or companies without abandoning the right to use their property.
Collaborative blockchain is a decentralized infrastructure service platform that transmits traditional financial institutions to Web3 applications.
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