300750 CONTEMPORARY AMPEREX TECHNOLOGY CO

AllianceBlock Issues Statement in Response to BonqDAO Hack

AllianceBlock
AllianceBlock Issues Statement in Response to BonqDAO Hack

03-Feb-2023 / 18:10 CET/CEST


AllianceBlock Issues Statement in Response to BonqDAO Hack

 

NEWS RELEASE BY ALLIANCEBLOCK

 

Utrecht, The Netherlands | February 03, 2023 08:09 AM Eastern Standard Time

 

 

AllianceBlock has issued the following statement in response to an exploit of the decentralized lending protocol BonqDAO.

At around 18:30 CET on 2 February 2023, lending protocol BonqDAO Protocol was exploited, with the attacker gaining access to ALBT Troves, where AllianceBlock’s native token was used as collateral. Around 113M ALBT tokens were illegally accessed before the hacker attempted to sell these on various exchanges.

As soon as the incident was reported, AllianceBlock communicated an  and conducted a preliminary investigation. The cause of the exploit was found to be  used for the ALBT token in the BonqDAO Protocol. As a third-party protocol, AllianceBlock had no input or control over the design, implementation, and execution of the BonqDAO Protocol and smart contracts, as confirmed by BonqDAO in their statement. 

It must be emphasized that none of AllianceBlock’s smart contracts and platforms were breached in the incident, and none of its other solutions have been affected. An AllianceBlock response team was promptly assembled to minimize the effects of the incident and mitigate the damage from the illegally-obtained ALBT tokens. Robust measures implemented have included:

  • Advising the AllianceBlock community to cease trading ALBT tokens.
  • Pausing all activity on the AllianceBlock Bridge to prevent accessing liquidity on other networks.
  • Withdrawing liquidity on exchanges and pools and requesting exchanges to halt trading.
  • Discussing with third parties for identification and recovery of the stolen assets. 

 

A solution being developed includes minting a new ALBT token and airdropping (referred to as “Token Distribution” going forward) it to wallet addresses with legacy ALBT balances. A snapshot of the blockchain and exchange balances will be used to determine the recipients, regardless if they have tokens stored in hardware, software or exchange wallets and staking contracts. The new token will replace the legacy token and will not increase the current supply. More information about the snapshot and token distribution mechanism will be announced shortly.

Matthijs de Vries, Founder and CTO at AllianceBlock, commented, “Users who created troves on Bonq using ALBT as collateral will be reimbursed, and no ALBT goes back to Bonq Troves. AllianceBlock is committed to doing right by ALBT token holders, liquidity providers, and others. We are continuously working on how to approach the distribution of the new token best. We have the community’s interest at heart, and we will share more information once we have a comprehensive proposal.”

He added, “The actual damage in numbers involving ALBT from the Bonq hack is closer to $1.6M than the amounts previously reported by the media.”

Going forward, allocation of ALBT balances in third-party protocols aside from battle-tested and industry-vetted ones (like DEXes and multi-signature contracts) will be subject to discussion and approval of the AllianceBlock DAO and only in small amounts.

AllianceBlock is committed to doing the best by its token holders, liquidity providers and traders. For the compensation scheme, the team will consider edge cases while ensuring the continuity of the AllianceBlock ecosystem. 

 

About AllianceBlock

  is building seamless gateways between decentralized and traditional finance by remedying issues in both spheres and linking them more closely. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.

By bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects, and ecosystem-scaling tools such as funding and interoperability, AllianceBlock is building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to access the DeFi space seamlessly.

Official Announcements on  and .

 

Contact Details

Dan Edelstein

 



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

1551727  03-Feb-2023 

fncls.ssp?fn=show_t_gif&application_id=1551727&application_name=news&site_id=research_pool
EN
03/02/2023

Underlying

300750CONTEMPORARY AMPEREX TECHNOLOGY CO

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on CONTEMPORARY AMPEREX TECHNOLOGY CO

 PRESS RELEASE

EQS-News: Secarna Pharmaceuticals and SciNeuro Pharmaceuticals enter i...

EQS-News: Secarna Pharmaceuticals GmbH & Co. KG / Key word(s): Agreement Secarna Pharmaceuticals and SciNeuro Pharmaceuticals enter into research and option agreement in the field of CNS diseases 27.03.2023 / 16:04 CET/CEST The issuer is solely responsible for the content of this announcement.  Secarna Pharmaceuticals and SciNeuro Pharmaceuticals enter into research and option agreement in the field of CNS diseases  Munich/Martinsried, Germany, March 27, 2023 – Secarna Pharmaceuticals GmbH & Co. KG (“Secarna”), a biopharmaceutical company focusing on the discovery and de...

 PRESS RELEASE

EQS-News: Wagner & Florack baut das Fondsmanagement aus

Emittent / Herausgeber: Pro BoutiquenFonds GmbH / Schlagwort(e): Personalie/Fonds Wagner & Florack baut das Fondsmanagement aus (News mit Zusatzmaterial) 27.03.2023 / 15:21 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die Investmentboutique Wagner & Florack AG baut das Portfoliomanagement des Unternehmens mit Dr. Dirk Schmitt (46) aus. Schmitt wird als Co-Fondsmanager des Wagner & Florack Unternehmerfonds und des Unternehmerfonds flex das Team unter Leitung von Firmengründer Dominikus Wagner ergänzen. Dr. Schmitt startete seine ber...

 PRESS RELEASE

EQS-News: F3 Uranium stößt erneut auf sensationell hochgradige Uranmin...

Emittent / Herausgeber: Dot.news Finanzmedien Ltd. / Schlagwort(e): Bohrergebnis/Research Update F3 Uranium stößt erneut auf sensationell hochgradige Uranmineralisierungen 27.03.2023 / 15:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. F3 Uranium stößt erneut auf sensationell hochgradige Uranmineralisierungen   Kelowna, BC – 27. März 2023 – F3 Uranium Corp. (“F3 Uranium“ oder das „Unternehmen“ / früher „Fission 3.0 Corp.“) (TSXV: FUU – WKN: A3D5YM – FRA: X42) hat heute bekannt gegeben, dass auch die letzten neun Löcher des Winter...

 PRESS RELEASE

EQS-News: F3 Uranium hits strongest hole to date at Patterson Lake Pro...

Issuer: Dot.news Finanzmedien Ltd. / Key word(s): Drilling Result/Research Update F3 Uranium hits strongest hole to date at Patterson Lake Property 27.03.2023 / 15:05 CET/CEST The issuer is solely responsible for the content of this announcement. F3 Uranium hits strongest hole to date at Patterson Lake Property   Kelowna, BC – March 27, 2023 – F3 Uranium Corp. (“F3 Uranium“ or „The Company“ / previously known as „Fission 3.0 Corp.“) (TSXV: FUU – OTC: FUUFF – FRA: X42) has announced today that the final nine holes of the winter drill program at the JR Zone on the Patters...

 PRESS RELEASE

EQS-News: SWOCTEM GmbH veröffentlicht freiwilliges öffentliches Überna...

EQS-News: Swoctem GmbH / Schlagwort(e): Übernahmeangebot SWOCTEM GmbH veröffentlicht freiwilliges öffentliches Übernahmeangebot für Aktien der Klöckner & Co SE 27.03.2023 / 14:10 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. DIE IN DIESEM DOKUMENT ENTHALTENEN INFORMATIONEN SIND NICHT ZUR VOLLSTÄNDIGEN ODER TEILWEISEN VERÖFFENTLICHUNG ODER WEITERGABE IN, INNERHALB ODER AUS LÄNDERN BESTIMMT, IN DENEN EINE SOLCHE VERÖFFENTLICHUNG ODER WEITERGABE EINE VERLETZUNG DER MASSGEBLICHEN RECHTLICHEN BESTIMMUNGEN DIESER LÄNDER DARSTELLEN WÜRDE. ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch