Long-Dormant QNT Wallet Compromised Through Approval Exploit, $66,000 in Losses

An old cryptocurrency wallet that had remained inactive for nearly five years was successfully compromised following a sophisticated smart contract attack. According to reports from Foresight News, the breach resulted in the loss of approximately $66,000 worth of Quant (QNT) tokens, highlighting how even dormant wallets remain vulnerable to modern attack vectors.

How the Wallet Was Compromised

The attacker exploited what’s known as an “increaseApproval” transaction vulnerability—a mechanism that allows applications to request permission to transfer tokens on behalf of a wallet owner. Once this approval is granted, attackers can potentially drain the entire token balance without requiring additional authorization from the wallet holder. In this case, the hacker leveraged this weakness to access and siphon the QNT holdings from the dormant address, demonstrating how legacy vulnerabilities continue to pose risks to inactive accounts.

The Attack Mechanism Explained

This type of exploit typically targets wallets where users granted approval permissions to DeFi protocols, exchanges, or other applications in the past but never revoked them. The dormant state of the wallet likely meant the owner was unaware of the ongoing risk, as security best practices emphasizing regular permission audits are often overlooked when accounts sit unused. Attackers specifically hunt for such forgotten wallets because they’re statistically more likely to have accumulated unused approvals over the years.

Market Impact and Token Update

Quant (QNT) is currently trading at $70.39, as of the latest market data. The breach of a $66,000 QNT position represents a significant individual loss, though the broader QNT market capitalization and trading volume remain stable. This incident underscores the importance of wallet security hygiene regardless of trading activity levels.

What This Means for Token Holders

The incident serves as a crucial reminder for cryptocurrency holders to regularly audit their token approvals, even on dormant wallets. Users are advised to use platforms that display historical approvals and consider revoking permissions to protocols they no longer actively use. Additionally, moving valuable assets to cold storage or hardware wallets that don’t interact with smart contracts eliminates this particular attack vector entirely, providing peace of mind for long-term holders.