A cryptocurrency wallet belonging to the QANplatform project was hacked last Tuesday (11) and by stealing the entire project balance, the hacker caused a collapse in the prices of the token. QANXwhich collapsed for 96% after the tragic event.
The target of the attack was the address of a cryptocurrency bridge, created using a dangerous tool called vulgar languagewallet with a known vulnerability since September 2022.
Many companies are paying the price by not heeding the wallet makers’ warning, with one of them losing BRL 800 million worth of cryptocurrencies three days after the announcement.
Cryptocurrency Melts 96% After Wallet Hacked and Coins Empty
Those who monitored the QANplatform price on Oct. 11 were shocked by the brutal drop the QANX price underwent, with accumulated losses of 96% in seven days, according to data from CoinGecko.
The brutal drop was caused by a problem identified on October 11, when the project’s wallet was hacked and emptied.
In a statement via Twitter, the coin’s developers have asked the community not to trade the token anywhere to avoid giving liquidity to the hacker, who is now trying to launder the stolen millions.
“The smart bridge contract that is offline was hacked and the attacker was able to withdraw the tokens. Do not transact on the QANX token. We are investigating the matter.”
The smart bridge contract that is offline has been hacked and the attacker managed to withdraw tokens.
Do not transact on the QANX token.
We are investigating the issue and will keep you informed.
— QANplatform (@QANplatform) October 11, 2022
The hacker managed to steal 3090.5 BNBs, approximately $800,000, after exchanging 1,444,169,100.98 QANX with PancakeSwap and then sending the obtained amount to Tornado Cash.
Less than three minutes after the initial theft, the hacker returned to attack the vulnerable bridge and drained another 1,431,880,339.45 QANX, which was exchanged via Uniswap for 255.4 ETH, or $310,000.
QANplatform lost a total of BRL 5.8 million with the attack, which, with the hacker’s massive sale, caused the project’s token to collapse.
Company plans to issue tokens to users
The QANplatform attack was the fifth already detected against cryptocurrency firms using hacked wallets for using Profanity’s vulnerable solution, which allowed the creation of personalized addresses.
Other well-known projects that also lost millions were Indexed Finance, The SolaVerse, ParaSwap and Curve.
One of the plans of the project team that was attacked last Tuesday is the ability to issue new tokens to QANX holders. Despite this, experts investigating the hack are urging people not to trade the coins until a fix is found and released.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
