Decentralized finance (DeFi) hacks continue. This time, QiDAO (QI), a DeFi altcoin project at Polygon, fell victim to a smart contract attack that resulted in around $13 million. While 8 altcoins were allegedly stolen, QiDAO says that this incident did not affect users’ assets. With the effect of the news, the altcoin price plunged to the bottom. For details, continue reading Kriptokoin.com.
DeFi altcoin project hacked, price crashed, losses alleged
QiDAO is a DeFi protocol that allows users to borrow stablecoins on their assets at 0% interest. The altcoin project admitted on Twitter that it had been hacked. However, the team notes that the vesting contract has been exploited through a vulnerability in Superfluid, a smart contract framework on Ethereum that allows users to transfer assets on the blockchain instead of QiDAO itself.
Superfluid’s vesting contract for QI was exploited. User funds in QiDAO contracts are safe. The exploit is only on Superfluid. We’ll share an update when we learn more.
While the DeFi project insists that users’ funds are safe, only the hacker states that he stole the contract with the aim of locking the project’s governance token. But crypto analytics firm SlowMist estimates that hackers stole more than $13 million in various tokens, including QI, WETH, USDC, SDT, MOCA, STACK, sdam3CRV and MATIC.
Until further notice, users are advised to be cautious and avoid interacting with Superfluid smart contracts. This news caused the market to react quickly, and the price of QiDAO (QI) is rapidly over 70% due in part to concerns from hackers looking for liquidity to distribute this amount of tokens, in part because the stolen token is QiDAO’s co-manager.
According to CoinMarketCap data, although the altcoin price recovered after crashing from $1.24 to $0.166, it is still trading at $0.8654 with a daily loss of 23.45% at the time of writing. The attack also comes a day after Polygon raised $450 million in a funding round led by Sequoia Capital India.
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