Crypto protocol, BonqDAO and AllianceBlock have been exploited for approximately $88 million due to an exploit in one of BonqDAO's smart contracts.
The hacker removed around 114 million wALBT, AllianceBlock's wrapped native token, and 98 million bEUR tokens.
The hacker has sold roughly $1.2 million in tokens so far but is having trouble converting the entire amount into stablecoins or ETH due to illiquidity.
AllianceBlock said on Twitter that the incident is isolated to the BonqDAO troves and no smart contracts were breached.
Both teams worked on removing liquidity to mitigate the hacker converting the stolen tokens into other assets, and have stopped all exchange trading.
AllianceBlock also paused bridging on the AllianceBlock Bridge until the situation is resolved.
BonqDAO is a non-custodial borrowing and lending platform. AllianceBlock is a decentralized crypto infrastructure platform that connects fintech providers and traditional finance institutions to decentralized finance applications.
Read the full disclosure on :
https://www.theblock.co/post/207799/bonqdao-exploited-for-88-million-allianceblock-tokens-stolen-during-the-exploit
