QANplatform Bridge Exploited $2 Million By Hackers

According to Etherscan statistics, the quantum-resistant Layer 1 blockchain QANplatform suffered a hostile hack to its bridge platform, resulting in the loss of $2 million in tokens.

QANplatform confirmed the hack:

According to Etherscan data, two mass withdrawals from the project’s Ethereum cross-chain bridge occurred on October 11 at 08:17 AM and 09:40 AM UTC. These two withdrawals totaled around 1.46 billion QANX tokens, which were valued at approximately $1 million at the time of the assault.

One of the email accounts used in the assault has also been linked to earlier phishing attempts. According to BSCscan data, the hacker also took another $1 million in QANX tokens via the BNB cross-chain bridge. This occurred about the time the first withdrawal from the Ethereum side of the bridge occurred.

Today’s hack could also be linked to the profanity address vulnerability, which has afflicted other projects. This vulnerability is related to vanity addresses, which are special personalized addresses generated by users. Security experts previously discovered a flaw in these addresses that allows their private keys to be brute-forced.

The QANplatform’s deployer address is vulnerable to the flaw, according to blockchain security firm BlockSec. As a result, it is likely that the attacker discovered the private keys and exploited them to take cash from the bridge.

The QANplatform hacker has already begun selling the tokens for Ether (ETH) on Uniswap. At the time of publication, the attacker had sold around 30% of the stolen cash for 230 ETH, which was worth $295,000. The QANX coin has dropped 94% from $0.012 to $0.0007 in less than an hour as a result of the selloff and news of the attack.

The attacker may now have challenges in disposing of the remaining stolen cash. Both Uniswap and Pancakeswap have removed liquidity for QANplatform’s coin.

QANX may be found on centralized exchanges including BitMart, MEXC Global, and Gate.io. The hacker has apparently begun to launder the remaining monies via Tornado Cash, which is sanctioned by the US Treasury.

QANplatform further advised users not to do any transactions with the QANX token and stated that the situation is being investigated.

Following many big hacks, bridge security has become a key problem in the crypto industry. A hacker stole $100 million from the BNB Chain cross-chain bridge earlier this month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News