According to the official announcement of QiDAO on Twitter, the user’s collateral was not affected, but instead, the contract to lock the project’s governance token was stolen by the hacker.
Security research firm SlowMist estimates that up to 13 million USD of cryptocurrencies have been stolen by hackers.
The development and specific attack method have not been announced by the project yet, but the market quickly reacted, as the price of QiDAO quickly plummeted more than 60% (68,05%), partly because the stolen token was the co-admin of QiDAO and concerns about hackers looking for liquidity to disperse these tokens.
According to some conjectures, it is likely that the project will deploy a new token to compensate the first round investors (those affected by this exploit), and at the same time reduce the possibility of a hacker’s exit. However, this issue has not been announced by the project yet.
This is the second major DeFi attack in February 2022, after the Wormhole cross-chain bridge on Solana.
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