Evoq Finance suffered a significant security breach, losing approximately $420,000 after an attacker compromised its smart contract on the BNB Chain. The attacker gained control by stealing the private key of the owner's account, transferring ownership to themselves, and upgrading the contract to a malicious version. This allowed them to drain funds from both the protocol and user-approved accounts. Users are strongly advised to revoke token approvals for the affected contract (0xF9C74A65B04C73B911879DB0131616C556A626bE) to prevent further losses. Security experts recommend that project owners enhance security measures by implementing multi-signature protection and regularly rotating keys to safeguard high-privilege accounts.