Cryptocurrency Melts 95% After Hacker Steals Half The Tokens

In a sharp drop since last November, cryptocurrency QANplatform (QANX) lost another 95% of its value in less than an hour after a hacker attack this Tuesday (11).

According to information, a hacker allegedly stole 1.3 billion QANX, about 40% of the cryptocurrency’s total supply, and then dumped it on the open market. He then used the Tornado Cash mixer to hide the trail of the other cryptocurrencies obtained from the sale.

“The hacker exchanged the stolen QANX tokens for ~3,090 BNB ($837,500) and ~256 ETH ($328,000) and started transferring them through Tornado Cash.”

Still commenting on the case, the user vishal_pratap_ claims that the hacker attacked QANX’s smart bridge contract. Last week, BNB suffered a loss of BRL 3 billion in a similar attack, showing that hackers are interested in such systems.

QANplatform team recognizes hack and already has plans to limit damage for investors

In a post on Twitter, the QANplatform team acknowledged the attack and confirmed the above information. It further urges investors not to buy or sell QANX until the situation is resolved.

“The offline bridge smart contract was hacked and the attacker was able to withdraw the tokens”points out QANplatform on Twitter. “Please do not transact on the QANX token. We are investigating the issue and will keep you posted.”

As a solution, the developers claim that they will take a snapshot – that is, they will use data from the past – to return the QANX lost by investors. In other words, they will freeze the hacked funds and issue new coins.

“We will most likely take a snapshot right before the hack and airdrop tokens accordingly.”

Most likely we will take a snapshot before the hack and airdrop tokens according to it.

— QANplatform (@QANplatform) October 11, 2022

Such a decision shows the centralization of the project that promises to be a first layer blockchain resistant to quantum attacks.

Moreover, many investors have bought the tokens from the hacker and according to the above decision, they cannot have anything more. Such a choice therefore does not give the market confidence.

QANX Token melted 95% in less than an hour

The price of QANX cryptocurrency, which was previously trading at USD 0.012, has melted by 95% within minutes as seen in the chart below. Also, their volume is very high, despite the team’s request to stop the negotiations.

Finally, this cryptocurrency had already fallen 93% since last November when it hit its all-time high. Therefore, what has happened is putting even more pressure on the future of the project.