Cryptocurrency token drops 94% after hacker attack

As it became known thanks to the Etherscan platform, hackers managed to steal $ 2 million by attacking the first-level blockchain QANplatform. After the blockchain was hacked, the QANX token dropped in value by 94%.

«The bridge’s smart contract, which operates offline, was hacked and the attacker managed to steal the tokens,» QANplatform representatives said. Last night, there were 2 attacks on the cross-chain bridge, which cost QANplatform about 1.46 billion QANX tokens.

At the time of writing, hackers have already started selling QANX tokens on the Uniswap platform. So far, about 30% of the stolen cryptocurrency has been sold, and the amount of the attackers' profit is 230 ETH (about $ 295,000). Overall, the QANX token dropped 94% from $ 0.012 to $ 0.0007 in less than an hour after the attack.

The QANplatform cross-chain bridge exploit is not the only hacker attack of this type. At the end of June, the Harmony Protocol team reported a cyberattack on the Horizon cross-chain bridge, as a result of which hackers stole assets worth about $ 100 million. At the time, blockchain representatives offered a reward of $ 1 million for the return of the stolen funds, but this amount was not enough for the hijackers. A similar situation occurred in August with the Nomad Bridge token.