According to the AllianceBlock announcement, a group of hackers stole $5 Million. A Polygon wallet was used to obtain 112 million ALBT tokens and move them from the Polygon blockchain to the Ethereum network during the hack. On February 2, 2023, at about 18:30 CET, the BonqDAO Protocol for lending was hacked, giving the attacker access to ALBT Troves, where AllianceBlock's native token was being used as collateral. The hacker additionally purchased 500,000 USDC by selling Bonq euro (BEUR) tokens in addition to the ALBT tokens.
After the incident, the ALBT token's value plunged precipitously by 51%, (according to CoinMarketCap). Additionally, during the Oracle hack, the attacker created 100 million BEUR tokens, which reduced their value almost to zero. A Bonq spokesperson indicated that this led to the liquidation of the affected ALBT shares.
A mistake in the BonqDAO Protocol's implementation of a price oracle utilized for the ALBT token was revealed to be the root of the hack.
Because of that the trading has to stop including the Suncrypto application. Now the ALBT is back with a new contract but the migration of that is still pending.
Days later after this theft, Allianceblock released the future roadmap to help its users as they will take snapshots of the day before the attack happened and will create a working solution for the affected users according to the snapshot. This step will include minting a new ALBT token and airdropping the addresses present in the snapshot.
The winners will be selected based on a snapshot of the blockchain and exchange balances, regardless of whether they have tokens held in hardware, software, exchange wallets, or staking contracts. The legacy token will be replaced by the new token, which won't expand the current supply.
Once the migration happened Suncrypto will support the migration and the trading of the token will also be allowed.
The Founder and CTO at AllianceBlock, Matthijs de Vries commented that,
“Users who created troves on Bonq using ALBT as collateral will be reimbursed, and no ALBT goes back to Bonq Troves. AllianceBlock is committed to doing right by ALBT token holders, liquidity providers, and others. We are continuously working on how to approach the distribution of the new token best. We have the community’s interest at heart, and we will share more information once we have a comprehensive proposal”
He also clarified that the media has misinterpreted the amount of hack as the actual damage is about closer to $1.6M only.