Hack attacks have been observed in many cryptocurrency projects this week. In this article, we will talk about 3 hacked altcoin projects and the latest developments. Here are the details…
This altcoin crashed after the $1 million bridge hack
QANplatform lost $1 million to a hacker who targeted the network’s Blockchain bridge. Since the attack, the native QANX token has experienced a price drop of over 90 percent. In the morning on Tuesday, QANplatform announced that its smart contract bridge had been hacked. He tweeted that the attacker had already withdrawn the tokens. Etherscan data revealed two mass withdrawals from the bridge in the morning hours. In total, withdrawals cost a total of 1.46 billion QANX tokens. These were worth roughly $1 million at the time of the attack.
The bridge smart contract that is offline was hacked and the attacker managed to withdraw tokens.
Please don’t perform any transactions related to the QANX token.
We are investigating the issue and going to keep you updated.
— QANplatform (@QANplatform) October 11, 2022
It also represented almost half of the token’s current 3.3 billion supply. Naturally, trading with such a large portion of the supply had an impact on the coin price. The attacker sold over 30 percent of the stolen tokens for ETH using Uniswap. The token fell 92.41 percent on the day. While trading, deposits and withdrawals for QANX were then paused on centralized exchanges, it advised users not to take any token-related transactions.
$2 million exploit in Temple DAO
Temple’s “STAX Finance” protocol, which provides a liquidity pool of TEMPLE and FRAX tokens, was exploited early Tuesday. Hacker seized $2.3 million worth of tokens. According to blockchain auditors Paladin, the protocol suffered a vulnerability in the staking “migrateStake” function. The abuse was first reported by Spreek on Twitter. The interesting thing is that the funds “have been on the chain for months,” according to developer 0xfoobar.
1/ The StaxLPStaking contract which was exploited allowed for migrating stakes from an older contract using `migrateStake`.
This way users could move to the new contract in a single call. pic.twitter.com/2uM06nEfrw
— Paladin Blockchain Security (@0xPaladinSec) October 11, 2022
The smart contract code here does not fit into a multimillion-dollar pool of liquidity. Also, allegedly, Temple DAO is an unaudited protocol. As the sources mentioned above point out, the exploit was surprisingly easy. The exploiter simply used an old staking dial code and a fake address to withdraw LP funds. So the vulnerability had existed for several months.
Metaplex lost 68 percent
Finally, the MPLX token plunged to record lows just weeks after its launch. It fell hours after Metaplex offered 40 million tokens for NFT buyers. The Metaplex Foundation, which oversees Solana’s Metaplex NFT protocol, recently launched an airdrop of the MPLX token for Solana NFT creators. On Monday, it expanded the offer to eligible collectors who had previously interacted with certain NFT projects. However, the expanded token offering quickly lowered its price. While there is no particular attacker or hack in this project, the steep drop in the price of crypto is notable. Moreover cryptocoin.comAs we reported, Solana-based Mango Markets fell with the news of the hack.
