The hacker got their hands on 50% of the total supply of tokens.
The hacker obtained nearly half of the total supply of the tokens.
It's a shame to see QANplatform lose $1 million to a hacker, but hopefully this will serve as a wake-up call to improve their security measures. This quantum-resistant layer 1 blockchain needs to be extra careful in the future to make sure that its blockchain bridge is secure.
It is clear that the recent attack on the QANX network has had a devastating effect on its native token. The price of the token has collapsed by over 90%, and it is clear that the attack has had a major impact on the QANX ecosystem.
The Latest Bridge Attack: What We Know
QANplatform's smart contract bridge has been hacked, with the attacker withdrawing tokens. This is according to a tweet from QANplatform, and data from Etherscan which appears to show two bulk withdrawals from the bridge.
The hack of the QANX token network was a major setback for the project. The loss of almost half the total supply of tokens was a major blow, and the value of the tokens dropped sharply as a result. However, the team behind QANX has vowed to continue working on the project and to improve the security of the network.
It is clear that the recent attack on the popular cryptocurrency project known as Parity has had a significant impact on the price of the coin. The attacker has already sold a large portion of the stolen tokens for ETH, and the price of the token has crashed as a result. From its all-time high, the token is now down over 99%. This is a significant loss for investors and highlights the risks associated with investing in cryptocurrencies.
It's been a tough few days for QANX holders. Trading was halted on centralised exchanges and the team advised holders not to make any transactions with the token. Thankfully, things seem to be stabilising now and hopefully the worst is behind us.
The QANPlatform team has released a video statement explaining that the exploit used to drain the bridge's funds is a "widely used method affecting multiple chains across the whole blockchain ecosystem." They continue to stress that they are committed to ensuring the security of their platform and the safety of their users' funds.
“It is not related to QAN’s smart contracts or core technology in any way,” continued the speaker.
It's clear that the attack was carried out by someone with experience in phishing attacks. The fact that one of the addresses involved has been linked to other such attacks suggests that this was a deliberate, targeted attack.
It is good that the team is offering the hacker a 72 hour window to contact them in order to avoid legal charges. This is a common practice in cases of crypto hacks, and it is a good way to incentivize the return of the stolen funds.
Bridge Hacks: Tips and tricks to make your bridge game better!
Blockchain bridges are becoming increasingly popular as a way to store large amounts of cryptocurrency and support the movement of tokens between different blockchains. However, they are also becoming a prime target for hackers, who see them as a valuable source of information and funds. As the use of blockchain technology grows, it is important to be aware of the security risks associated with it and take steps to protect yourself and your investment.
The recent hack of the Binance bridge highlights the need for greater security measures for cryptocurrency exchanges. This incident should serve as a wake-up call for the industry, as billions of dollars worth of digital assets are at risk of being stolen if proper precautions are not taken. We must work together to ensure that this doesn't happen again.
The DeFi hack that took place against Axie Infinity's Ronin bridge was one of the largest ever. Authorities have managed to recover less than 10% of the funds, which amounts to around $600 million. This is a huge loss for the affected parties, and it highlights the need for better security measures in the world of decentralized finance.
It's been a tough year for cryptocurrency investors. First, the value of Bitcoin and other digital currencies plummeted. Then, a number of high-profile hacks and exploits have taken place, costing investors millions of dollars.
It is with great sadness that we report the collapse of the QANX token following a hack that saw $1 million stolen from a bridge account.
