Friday, April 12, 2024

Unraveling Recent Crypto Hacks: Investigating the BonqDAO Exploit and Unusual Activity on WGPT Token and BNBpay

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In the fast-paced world of cryptocurrencies, security breaches and suspicious activities remain constant concerns. In the last 24 hours, alarming incidents have surfaced, including the exploit of BonqDAO, a drastic drop in the WGPT token value, and a significant liquidity removal on BNBpay. In this investigative report, we delve into the details surrounding these events to shed light on the tactics employed and to inform the crypto community about potential risks.

BonqDAO Exploit:
On February 1st, 2023, BonqDAO fell victim to an elaborate exploit that resulted in losses estimated at approximately $120 million. A previously tagged address belonging to the BonqDAO Exploiter made a sudden swap of 100.4K DAI (an Ethereum-based stablecoin) for the same amount of crvUSD (Curve’s USD-backed stablecoin). Subsequently, the Exploiter deposited the 100.4K crvUSD into a platform called Silo. This incident highlights the need for enhanced security measures in the DeFi sector and serves as a harsh reminder for investors to exercise caution.

WGPT Token Slippage:
CertiK Skynet, a security-focused blockchain ecosystem, reported a sharp drop in the value of the WGPT token on the Binance Smart Chain (BSC). The token’s value plummeted by approximately 99%, leading to concerns among investors and traders. Upon further investigation, it was discovered that tokens were withdrawn from the WGPT token contract address (0x1f415255f7E2a8546559a553E962dE7BC60d7942) by an externally-owned account (EOA) with the address 0xf1B. These tokens were then swapped for USDT, the popular USD-backed stablecoin. The reasons behind this suspicious activity and its potential implications remain unclear, warranting heightened caution when dealing with the WGPT token.

Liquidity Removal on BNBpay:
Another incident that demands scrutiny involves a significant liquidity removal on BNBpay, a project on the Binance Smart Chain. CertiK Skynet detected a large-scale removal of liquidity on BNBpay’s contract address, which resulted in an estimated profit of around $114,000 for the deployer. It is crucial to note that this incident in no way reflects the legitimacy of the BNBpay project itself. Rather, it highlights the existence of opportunistic actors looking to exploit vulnerabilities in the crypto landscape.

The recent hacking news in the cryptocurrency world has once again highlighted the need for vigilance, strong security measures, and due diligence from participants in the ecosystem. The BonqDAO exploit serves as a reminder of the vulnerabilities in the DeFi sector, while the mysterious drop in the WGPT token and the liquidity removal on BNBpay underscore the importance of carefully evaluating projects and being cautious with investments. As the crypto industry continues to evolve, it is crucial for individuals and platforms alike to stay ahead of potential threats and adopt stringent security practices to protect users and their investments.

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