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Hackers Withdraw $13 Million From DeFi Protocol QiDAO

ByLouis Adams

Feb 9, 2022 #Hackers
Reading time: < 1 minute

QiDAO, a protocol for issuing a stablecoin on the Polygon network, has reported a hack in an empowerment smart contract using code from the cash flow management platform Superfluid.

According to blockchain security company SlowMist, the hacker has stolen about $13 million in various coins, including USDC, WETH and the Protocol DAO Governance Token QI.

According to the QiDAO team, the users’ funds were not affected. The incident has affected the assets of early investors and some “other tokens.”

The project has temporarily suspended the work of cross-chain bridges and has started investigating the incident.

After the theft of funds, the attacker started to massively sell QI tokens on the main trading platform for the Quickswap asset, which made the price of the asset fall 68% to $0.18.