Alliance Block hacked?

[JamesDaniel90]

https://www.coindesk.com/business/2023/02/01/allianceblock-token-plunges-51-after-5m-exploit/

I have 5,000 Alliance block on my ledger (£220 worth) and they were hacked last night.

Anyone else affected by this or know what usually would happens after hacks like this?

First time I have experienced this.

[cryptoaddictchie]

How come your tokens got siphoned? Are you putting of your tokens on a platform. I know alliance block and they are an erc20 tokens. You should just have stored your tokens on your non custodial wallet. Usually being stayed on platform makes this more dangerous especially if the project itself isnt fully secured and audited. Ive been trading this before during 2021.

[JamesDaniel90]

How come your tokens got siphoned? Are you putting of your tokens on a platform. I know alliance block and they are an erc20 tokens. You should just have stored your tokens on your non custodial wallet. Usually being stayed on platform makes this more dangerous especially if the project itself isnt fully secured and audited. Ive been trading this before during 2021.

I have my tokens on my ledger, I still have them.

The price of Alliance block dropped 70% overnight.

Just wondering if these 5000 I hold are now worthless or do I just wait and see what happens?

[zasad@]

First time I have experienced this.

Another Defi Hack
https://bitcointalk.org/index.php?topic=5267124.0

https://twitter.com/BonqDAO/status/1620908233761378304
"Bonq protocol was exposed to an oracle hack, where exploiter increased the ALBT price and minted large amounts of BEUR. The BEUR was then swapped for other tokens on Uniswap. Then, the price was decreased to almost zero, which triggered the liquidation of ALBT troves."

BonqDAO protocol suffers $120M loss after oracle hack
https://cointelegraph.com/news/bonqdao-protocol-suffers-120m-loss-after-oracle-hack

Subscribe to the project's twitter and discord. If the project does not die, they will publish an article on how they will recoup the losses.

[Dave1]

How come your tokens got siphoned? Are you putting of your tokens on a platform. I know alliance block and they are an erc20 tokens. You should just have stored your tokens on your non custodial wallet. Usually being stayed on platform makes this more dangerous especially if the project itself isnt fully secured and audited. Ive been trading this before during 2021.

I have my tokens on my ledger, I still have them.

The price of Alliance block dropped 70% overnight.

Just wondering if these 5000 I hold are now worthless or do I just wait and see what happens?

Oh good that you have them in a hardware wallet and so you are not affected by the hack.

But seeing it drop 70% because of this news, I know what you are you feeling right now. But it's hard to give you advise as we really don't know what the future holds for this project.

Maybe it will go back and recover or continue to go down because of the hack.

[masulum]

ALBT holders will receive compensation (airdrop) from the team. This is specifically for holders who bought before the hacking incident at Bonq. According to them, there is no compromise on the smart contract from ALBT, but they will mint a new ALBT. Here are the details.

Next Steps:
1️⃣ A snapshot will be taken just before the attack
2️⃣ A new ALBT token will be minted.
3️⃣ All affected users will get an airdrop of the new tokens.

NOTE: Any trades (buying and selling) done after this announcement will not be included in this compensation scheme!

So, for OP, if you are still holding your ALBT, better to wait for the next update before selling yours, maybe you get better price after snapshot.

[JamesDaniel90]

I will just hold for now and see what happends in the next few days.

I have read there is talk of a new coin being produced next week.