[ad_1]
The crypto community faced another grim situation when BonqDAO announced a $120 million breach. A recent oracle breach compromised the protocol, and attackers changed the price of ALBT.
Additionally, the attacker prints a large number of BEURs, which are then used to exchange for other tokens. The transaction takes place on Uniswap, after which the price is almost zero. This sequence activates ALBT liquidation.
However, the other treasures did not suffer any effects. Despite this, the Bonq Protocol was paused while the network was working on a solution. Users cannot withdraw their collateral without paying back BEUR after the attack.
Both AllianceBlock and BonqDAO released a series of tweets about the attack. According to AllianceBlock, more than 110 million ALBT tokens were involved in the breach. The incident remained isolated from the treasure trove, leaving other smart contracts untouched.
All connected partners are currently issuing liquidity. That is why exchange trading has been discontinued. Here’s how AllianceBlock describes the upcoming steps:
- The network will take a screenshot before the token
- This will print a new ALBT token.
- Every affected user will receive an airdrop containing a new token.
Users are informed that making any trades after the announcement will not be considered as part of the compensation plan. AllianceBlock has asked users to stay connected and not spread any speculation.
No community managers or team members will reach out to users. The only official modes of communication are AllianceBlock’s Twitter and Telegram channels. The development was also covered by PeckShield Inc., where users found an explanation behind the attack.
According to the platform, the exploit managed to achieve the price update function of the oracle via one of the smart contracts. That allows attackers to compromise the price of wALBT. This started the exploitation, which was followed by the exchange of 500 thousand dollars worth of BEUR.
While the BonqDAO and AllianceBlock communities are nervous, users are satisfied with the way the network has handled the situation. Every party involved has been active and keeps users updated about the situation.
[ad_2]
Source link
