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BonqDAO Hack: Funds Transferred to EOA Address

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BonqDAO Hack: Funds Transferred to EOA Address

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:


A recent report reveals that the hacker behind the notorious BonqDAO attack has transferred approximately 49.4 ETHs to the Ethereum EOA account address 0x9ec. Furthermore, the reports suggest that after the transfer, the funds were ultimately converted into roughly 82000 DAIs, a stablecoin that aims to maintain a 1:1 ratio with the US dollar.

BonqDAO is an emerging decentralized finance (DeFi) project that seeks to offer novel solutions to the contemporary banking system by incorporating blockchain technology. However, recently it was hacked in one of the most startling attacks recorded in the DeFi industry. While the vulnerability which the hacker presumably exploited has yet to be precisely identified, reports suggest that it was related to the smart contract code.

Interestingly, Ethereum developer CertiK discovered this recent movement of the hacked funds. The hacker has transferred the funds out of the crypto wallets that had been compromised in the attack. With the help of CertiK’s monitoring system and the transparency of the blockchain, the movement of the funds was tracked to the EOA account address 0x9ec, which currently holds the funds.

An Externally Owned Account (EOA) is a type of Ethereum wallet linked to an external private key. It is important to note that this account is not necessarily associated with any particular individual or entity. It is possible that the hacker could use the funds to carry out more sophisticated attacks in the near future.

While the conversion of the funds has been made into a stablecoin, it is noteworthy to highlight that this does not make the funds less vulnerable. During the transfer process, the secure storage of the funds may have been compromised, potentially leaving them vulnerable to further attacks.

In conclusion, this recent development shows the concerning nature of exchange security and the need for constant security diligence in the crypto industry. The DeFi industry is revolutionary and full of possibilities, yet, the vulnerabilities of smart contracts must be adequately addressed for it to become sustainable.

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