BonqDAO Hack

The BonqDAO and AllianceBlock suffered a loss of $120 million due to a vulnerability in the BonqDAO smart contract. Trading and liquidity have been suspended to prevent the stolen tokens from being converted into other assets. The Bonq protocol has been suspended and the team is working on a solution to allow users to withdraw the remaining collateral.

BonqDAO has suffered an exploit where its price oracle was manipulated to increase the WALBT price. The manipulation allowed the attacker to mint over 100 million BEUR. The attacker then manipulated the WALBT price and liquidated multiple troves.

The attacker withdrew the illicit gains, 113.8 million WALBT and 98 million BEUR, valued over $10 million. The dumping of these tokens resulted in a major drop in their value, with WALBT dropping by more than 50% and BEUR dropping by 34%.

Examples of exploit TXs:

https://polygonscan.com/tx/0x31957ecc…d51b19

https://polygonscan.com/tx/0xa02d0c3d…7f32b1

Exploiter address:

https://polygonscan.com/address/0xcacf2d28…656642

https://etherscan.io/address/0xcAcf2D28…656642