QiDAO Token Crashes 87% After $13M Superfluid Contract Exploit

Hackers managed to steal $13 million worth of crypto tokens after exploiting the QiDAO vesting contract on Superfluid.

What Happened: In a Twitter update on Tuesday, Ethereum ETH/USD-based money streaming protocol Superfluid said it was looking into a potential exploit of the QiDAO contract that leverages Superfluid code.

“We are investigating a potential protocol layer exploit. As a precaution, please do unwrap all your SuperTokens. The attackers might be targeting wallets/contracts with large amounts,” cautioned Superfluid.

Using an ERC20 token called Super Token, Superfluid allows users to perform multiple tasks in a single transaction. By wrapping their tokens, users can initiate a money stream without needing to pay additional gas fees or transaction costs.

The contract exploit was later confirmed by QiDAO who assured users that all funds were safe.

According to crypto analytics firm Slow Mist, the attacker made a total profit of over $13 million through a number of cryptocurrencies.

After stealing the funds, the hackers proceeded to sell large amounts of QiDAO’s native crypto token QI on the Quickswap decentralized exchange. This led to an 87% decline in the token’s value, from $1.24 to $0.16 in just 60 minutes.

QI’s price has since recovered to around $0.57, but is still down by 45% since the news of the exploit.

See Also: $320M In Crypto Sinks Down The Wormhole As Ethereum-Solana Bridge Hacked

Photo: Courtey of Richard Patterson on Flickr