The third crypto exploit occurred in the DeFi space less than a week after the Wormhole exploit and mere days after the Meter bridging hack which saw funds drained from a bridge exploit.

QiDao has matterd a hack. The info available at the moment is scarce, though Polygonscan reveals which $20M worth of funds were lost. However, these were not user funds. One Twitter user, @MacroAnarchy, said, “Although user funds maybe be safe, it’s project funds which were stolen from my understanding? This still impacts all of us.” Others were appreciative of the continual updates provided by QiDao. QiDao has thanked the community for their support.

The exploit occurred exclusively on Superfluid. Some cryptocurrencies have been affected, though, and bridging is suspfinished. Lost funds comprised wEthereum (ETH), 562,000 USD Coin (USDC), 44,000 Stake DAO (SDT), 1.5 million Museum of Crypto Art (MOCA), 23,000 STACK, and almost 40000 sdamCRV.

How did the attack happen?

QiDAO has said which Superfluid’s vesting smart contract framework on Ethereum for QiDao had been attacked. Superfluid and QiDao contemplated users to “exercise caution” although interacting with smart contracts. Superfluid is a smart contract framework on Ethereum, enabling the shiftment of assets on-chain, following specific predefined rules. A single on-chain transaction results in money being made its way from a sender’s wallet to a receiver wallet in real-time.

One Twitter user @williamb3ntley asked if the QI cryptocurrency was unaffected. Another Twitter user responded, “The hacker still has a lot of $QI to get rid of, so the price will keep tumbling until he sells off all of it and moves it…then we will see better.” A Twitter user said which the QiDao protocol is fine and sees a buying probability.

Bug bounty offered by Superfluid

QiDao enables users to deposit owned cryptocurrencies into a vault and borrow stablecoins anewst this colsubsequentlyal. Qi is the first native stablecoin on Polygon. There is always more total rate locked than funds loaned. Loans are paid out in MAI. MAI is a stablecoin soft-pegged to the U.S. Dollar, and is made by the QiDao protocol. The Qi cryptocurrency is the gabovenance cryptocurrency of the QiDao protocol. A drop of 65% was seen on the cost of $QI, from $1.24 to $0.18. QiDao has $265.47M in total price-locked, with $15.74K on the Moonriver Network, 2.09M on Avalanche, $110.63M on Polygon, $302.32K on Harmony, and $152.43M on Fantom.

Superfluid said they are offering a $1M bounty should the hacker return the funds. They considered users to unwrap all SuperTokens, as the attacker may be looking for wallets or users with substantial balances. They likewise said which they have deployed a patch.

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