Superfluid's vesting contract has reportedly been breached by hackers, putting QiDAO's stablecoin to an all-time low of $0.18.
Exploits are no strangers to the blockchain community, especially DeFi protocols and DAO’s with liquidity pools and treasuries.
This time, however, a money-streaming protocol that enables users to constantly move funds on-chain between wallets, built on Polygon’s blockchain, called Superfluid had its vesting contract breached, leading to stolen funds in several different crypto tokens.
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The exploit was initially reported by PeckShield, a Twitter account that reports suspicious activity in the blockchain industry. Later it was reposted by several users on the social media platform, and, finally, acknowledged by Superfluid itself.
Based on the report, the people responsible stole $20M in WETH, USDC, MOCA, SDT, sdam3CRV, and STACK.
However, Superfluid ensured that user wallets and the QiDAO protocol were unaffected by the exploit, only the Superfluid vesting contract with funds belonging to early backers of the project.
Soon after, hackers sold off the stolen tokens on a decentralized exchange Quickswap, which caused the severe downfall of the QI governance token - a 65% drop in a matter of hours.
After dropping to a record low of $0.18, investors stocked up on the QI token which helped it climb back up to $0.6 without completely crashing below double digits.
While the issue is being resolved, QiDAO closed off all of its operations. At the time of writing this article, QI has had a 29.66% decrease over the past 24 hours, currently averaging $0.7367.
