Hackers hit BonqDAO as DeFi onslaught continues
it has been hacked. According to the platform, it is working around the clock to ensure remaining users' funds are protected.Bonq protocol was exposed to an oracle hack, where the 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.
The exploit was later confirmed by Certik, who pegged the amount lost to around $100 million. The security services provider explained that the exploiter borrowed $100 million of EUR stablecoin from Bonq Protocol with less than $1,000 worth of collateral. This, Certiq noted, was made possible with the"setting of an incorrect variable."1/ BonqDAO exploiter borrowed $100M of EUR stablecoin from Bonq Protocol with less than $1,000 worth of collateral.
One of the core arguments for DeFi's evolution entails the higher yield it offers investors when compared to traditional financial institutions. While this benefit is prominently highlighted, the challenge of security breaches has become a very deep concern for players in the space.
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