Summary
BonqDAO was a Polygon-based decentralized lending protocol that launched in December 2022, offering zero-interest borrowing against crypto collateral with a native euro-pegged stablecoin (BEUR). On February 1, 2023, the protocol suffered a critical oracle manipulation exploit in which an attacker staked approximately $175 worth of TRB tokens to manipulate the Tellor price feed for the WALBT collateral token, minting 100 million BEUR against near-zero collateral and liquidating other users for an additional 113 million WALBT, resulting in nominal losses of approximately $120 million. BonqDAO's TVL fell by over 99% following the attack; a successor protocol (3A DAO) was subsequently launched by the team but BonqDAO itself remains effectively defunct.
Connected Entities
1 entities · 10 linked investigationsTimeline(9 events)
2022-12-15
BonqDAO launches on Polygon as a zero-interest lending protocol with BEUR euro-pegged stablecoin.
2023-02-01
Attacker (0xcacf2d28b2a5309e099f0c6e8c60ec3ddf656642) manipulates TellorFlex oracle for WALBT, minting 100 million BEUR and liquidating 30+ user troves to collect 113.8 million WALBT. Nominal losses estimated at $120 million.
2023-02-01
AllianceBlock pauses bridge activity and issues public statement clarifying its own contracts were not breached. ALBT token price falls more than 51%.
2023-02-03
Attacker begins laundering approximately 1,105 ETH through Tornado Cash. BEUR falls to $0.15 low.
2023-02-03
BonqDAO's TVL falls from approximately $13 million to under $44,000 — a 99.6% decline.
2023-02-27
BonqDAO launches community governance vote on protocol recovery plan.
2023-03-05
BNQ governance vote concludes with community support for reboot and executive team. AllianceBlock begins ALBT airdrop compensation for affected users.
2023-05-17
Team publishes announcement of 3A DAO as successor lending protocol, describing the relaunch journey.
2024-02-16
3A DAO announces collaboration with Constellation Network (DAG), indicating continued successor protocol development.
Decision Log
- hash: EF2QLJSgSdSic7apfiMbCroGhH8j1z95H63P99Hie3Q7
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:44 AM
last updated: 5/28/2026, 4:22:14 PM
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