In a recent hack, 110 million ALBT tokens from Bonq, a decentralized borrowing projects powered by Polygon, were taken, costing AllianceBlock millions of dollars.
Due to a $12 million exploit on Bonq, a decentralized borrowing protocol, AllianceBlock, a blockchain project that claims to be focused on bridging the decentralized finance (DeFi) and traditional finance (TradFi) worlds, has experienced a significant setback.
According to a statement made by AllianceBlock on February 1, hackers broke into Bonq and gained access to 110 million ALBT coins. The project asserts that only Bonq is affected by the exploit because none of its smart contracts were violated.
AllianceBlock has made it clear that it will take a snapshot of users’ ALBT holdings prior to the attack, mint new tokens, and airdrop them to affected users in order to make up for the protocol’s affected users.
Due to the unfortunate event, the price of ALBT has fallen by more than 55% as of this writing to trade at roughly $0.04831 on CoinMarkteCap.
According to reports, the hacker stole a significant amount of bonq euro (BEUR) tokens and exchanged them for about 500,000 USDC stablecoin. At the time of publication, the price of the BEUR token was down more than 24.26 percent from its previous day high of $0.83.
In the previous year, bad actors cost the Web3 sector more than $3 billion in losses. If blockchain projects do not implement sufficient security measures, it appears that this ugly trend might continue in 2023.
According to recent news from crypto.news, the crypto security startup Hyprnative has raised $9 million to develop cutting-edge Web3 security solutions that will proactively find security exploits and alert users before they happen.
