BonqDAO Attacked: Hacker Transfers ETHs to EOA Account Address

03/14/2023 08:56 • Metaverse Matters • 145 views

It is reported that according to CertiK monitoring, the hacker of BonqDAO attack has transferred about 49.4 ETHs to the EOA account address 0x9ec. At present, the funds have been converted into about 82000 DAIs.

The hacker of BonqDAO attack has transferred about 49.4 ETHs to the EOA account address 0x9ec

Analysis based on this information:

CertiK monitoring has reported that the hacker of BonqDAO attack has transferred approximately 49.4 ETHs to the EOA account address 0x9ec. This news has troubled the cryptocurrency world as security breaches such as these have become quite common. These incidents raise concerns about the safety of digital assets and investments.

BonqDAO is a decentralized non-custodial platform that enables users to earn returns on their cryptocurrency investments through farming and liquidity mining. The aim of the platform is to connect the DeFi community to emerging ecological projects. However, this platform fell prey to a hacker who was seemingly able to overcome the security measures and exploit its vulnerabilities. The hacker transferred the stolen funds into an EOA account address.

An EOA, or Externally Owned Account, is an account that is controlled by an individual, rather than by code. EOAs are flexible, and a user can use them to manage their digital assets as it allows them to regulate the flow of cryptocurrency as opposed to contracts with rigid rules that govern transactions. However, the downside to EOAs is that they are vulnerable to hacks, especially when users neglect their security measures.

The hacker in this scenario was able to convert the transferred funds into approximately 82,000 DAIs. DAI is a stablecoin linked to the value of the US dollar, and it is named after the gold coin that was used as currency in ancient Greece. The DAI is governed by a Decentralized Autonomous Organization (DAO), which is an organization that operates through codes without the need to rely on individuals or centralized systems.

The BonqDAO attack is a warning shot to all investors in the cryptocurrency world to be cautious about the security of their accounts. It highlights the vulnerability of DeFi protocols to attacks, which weakens investor confidence. The attack also highlights that the security protocols of DeFi projects need to be continuously strengthened and upgraded to mitigate the risk of future attacks.

In conclusion, the transfer of 49.4 ETHs to the EOA account address serves as evidence that the BonqDAO attack did take place. The conversion of funds to DAIs demonstrates the ease with which thieves can profit from their illicit acts. The incident has triggered concerns about the security vulnerability of DeFi investments in general, and the need for improved security processes in the cryptocurrency world is a pressing concern.

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BonqDAO Attacked: Hacker Transfers ETHs to EOA Account Address

The hacker of BonqDAO attack has transferred about 49.4 ETHs to the EOA account address 0x9ec

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