BonqDAO’s catastrophic hack continues to wreak havoc, with PeckShield reporting that the attackers have begun their efforts to siphon off funds through Tornado Cash. This follows Foresight News’ revelation of $120. million-dollar loss due to BonqDao’s lackluster security protocols – which were ultimately responsible for this event.
In an attempt to ensure that such nefarious activity doesn’t occur again in the future, platforms are planning to implement strict measures to bolster their infrastructure and protect users from similar disasters. Nevertheless, it remains imperative to stay vigilant against these malicious actors, whose misdeeds can inflict disastrous consequences if allowed to remain unchecked.
What is Tornado Cash?
Decentralized non-custodial privacy solution built on the Ethereum blockchain-based zero-knowledge proofs Tornado Cash is an innovative way to keep your financials confidential. By using a secret hash when depositing cryptocurrency, the protocol ensures that only you have access to your funds and no one else can withdraw them without it.
The commitment process also adds extra layers of security while keeping the transaction anonymous on-chain. With this groundbreaking approach, users now have unprecedented control over their finances in terms of privacy and safety. However, this amazing tool is now manipulated by hackers for wrongdoing.
BonqDAO Takes Bold Steps to Overcome the Current Crisis
BonqDAO has taken swift action in the wake of its recent cyber attack, removing all liquidity from exchanges and suspending trading activity. They have also gone beyond this to actively seek reparations for any customers affected by the incident, demonstrating an unprecedented level of commitment to them which could even extend as far as creating new ALBT tokens as compensation.
This bold move is reflective of BonqDao’s dedication to its users, a true testament to how much they value its customer base.
