Hacker stole $1.1 million in cryptocurrency from QANplatform

Hacker stole $1.1 million in cryptocurrency from QANplatform

140
Subscribe

Hacker hacked QANplatform crypto project and stole $1.1 million worth of cryptocurrency
After the attack, the native token of the QANX platform plummeted in value by 93%

The developers of QANplatform reported the hacking of a smart contract and the theft of the platform tokens in the official Twitter account. According to analysts at Peckshield, the attacker took out about 50% of the entire supply of native tokens of the QANX platform and exchanged them for BNB and Ethereum tokens totaling about $1.1 million.

The QAN cryptoproject is a blockchain on whose platform smart contracts and decentralized applications are created in any programming language. The goal of the project was to ensure that the system is protected from attacks using quantum computers. The project has been developing since 2021.

Peckshield, a cybersecurity company, was the first to notice suspicious transactions today, Oct. 11. According to its information, the hacker has already started transferring funds to cryptomixer Tornado Cash.


Immediately after discovering the attack, the QANplatform team announced that trading, deposits and withdrawals on centralized platforms have been stopped and liquidity from decentralized exchanges Uniswap and Pancakeswap has been withdrawn to reduce user losses. The developers note that they may take a snapshot of the blockchain at the time before the attack and distribute tokens for free to affected users in accordance with it.

The QANX platform token plummeted in value after the hack to near zero - by 93%. According to Coingecko, the price of the cryptocurrency plummeted from $0.012 to $0.0007 on the afternoon of October 11. The market capitalization of the asset dropped from $27.6 million to $1.6 million.

Last week, the blockchain bridge at BNB Chain was hacked. The fate of the blocked crypto-assets in the hackers' accounts will be decided by a vote: freezing them and covering the remainder of the stolen funds by burning BNB will be on the agenda.

Other news

How SEC's Policies Affect Bitcoin and What Could Change Under Trump
ETFs for Ethereum are Hitting the Markets
Clients of Mt. Gox Exchange to Receive $9 Billion in Bitcoin
Ethereum ETF to Launch in the US in July
What is Bitcoin Dominance
Which Countries Hold the Most Bitcoins
Trustpilot