On February 8, Solana native stablecoin protocol QiDAO confronted an exploit on its Superfluid vesting contract resulting in a 65% drop within the worth of the governance token QI.
Polygon’s Protocol Faces Breach
QiDao is a self-sustaining, community-governed protocol that enables customers to borrow stablecoins interest-free in opposition to crypto property used as collateral.
The platform took to Twitter on Tuesday to make clear the exploit on the Superfluid vesting contract. They’ve assured customers that for now funds are protected and no funds from QiDAO have been affected.
Superfluid additionally confirmed the exploit on QiDAO and mentioned that for now they’re investigating the scenario and customers will likely be up to date about the identical. Nevertheless, as a precautionary measure, QiDAO had quickly paused its bridge and is resolving the difficulty.
The protocol allows customers to maneuver property on-chain in a continuing circulate in real-time from one pockets to a different.
At present at 6.48am GMT we have been notified of a possible exploit of the QiDAO vesting contract that leverages Superfluid code. We’re investigating the incident and can maintain you up to date on this thread and our Discord server.
— Superfluid (@Superfluid_HQ) February 8, 2022
Over $13 Million Hacked
As per the launched information, the hackers have been profitable in stealing $20 million price of cryptocurrencies, together with 24 wETH, 562,000 USDC, 44 SDT, 1.5 million MOCA, 23,000 STACK, and practically 40,000 sdam3CRV.
Nevertheless, based on crypto analytics group SlowMist’s fund tracker, solely $13 million price of cryptocurrencies have been stolen from the platform.
Whereas conclusive stories concerning the assault are nonetheless awaited early investigations level out that many of the hacked funds belonged to among the early backers within the mission and likewise embrace staff vested tokens.
That mentioned, quickly after the hack, the worth of QI fell from $1.24 to $0.18 whereas its totally diluted market cap noticed a 22.08% fall within the final 24-hours.
On February 2, the Wormhole community used to bridge the ETH competitor, Solona, with different DeFi initiatives, lost about $320 million in cryptocurrency funds after a novel vulnerability was exploited. The QiDAO exploit comes only a week after the Solana exploit.