What is AllianceBlock?
AllianceBlock is building seamless gateways between decentralized and traditional finance by remedying issues in both spheres and linking them more closely. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
By bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects, and ecosystem-scaling tools such as funding and interoperability, AllianceBlock is building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to access the DeFi space seamlessly.
What happened to $ALBT?
At around 18:30 CET on 1 February 2023, lending protocol BonqDAO Protocol was exploited, with the attacker gaining access to ALBT Troves, where AllianceBlock’s native token was used as collateral. Around 113M ALBT tokens were illegally accessed before the hacker attempted to sell these on various exchanges.
AllianceBlock’s smart contracts and platforms were breached in the incident, and none of its other solutions have been affected. An AllianceBlock response team was promptly assembled to minimize the effects of the incident and mitigate the damage from the illegally-obtained ALBT tokens. Robust measures implemented have included:
- Advising the AllianceBlock community to cease trading ALBT tokens.
- Pausing all activity on the AllianceBlock Bridge to prevent accessing liquidity on other networks.
- Withdrawing liquidity on exchanges and pools and requesting exchanges to halt trading.
- Discussing with third parties for identification and recovery of the stolen assets.
NXRA is the token used to compensate $ALBT holders who are affected by the issue. A snapshot of the blockchain and exchange balances will be used to determine the recipients, regardless if they have tokens stored in hardware, software or exchange wallets and staking contracts. The new token will replace the legacy (old) token and will not increase the token supply.
Currently, staking on AllianceBlock’s Fundrs has been restored—for both regular and locked staking. Fundrs Stakers (regular and locked) will have 100% of their ALBT balance in NXRA tokens. Users who wish to withdraw their stake, will receive their balance in NXRA tokens. ALBT is fully deprecated and can no longer be claimed.