Qubit Finance suffers $80 million loss following hack

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Remarkable hacks are becoming more and more common in the cryptocurrency market, and Qubit Finance is one of the latest decentralized financial protocols (DeFi) that hackers can take advantage of.

Hackers managed to gain access to and steal over 80 million dollars from Qubit Finance, which is based on Binance Smart Chain, a protocol that was confirmed on Twitter on Friday. The addresses associated with the attack stole 206,809 Binance Coins (BNB) from the Qubit QBridge protocol. At the time of writing, the assets were valued at over $ 80 million.

According to PeckShield, which analyzes Qubit’s smart contracts, QBridge was hacked to create a “huge amount of xETH security”, which was later used to empty the entire amount of BNB held on Q Bridge.

According to a report from the security company CertiK, the attacker used an illegal deposit option in the QBridge contract for instrument 77162 qXETH, an asset that is an ethereal bridge over Qubit. The protocol was tricked into believing that the attackers had deposited money while they had not done so.

According to CertiK, the hacker did this several times and transferred all assets to Binance Coin as a result. This makes utilization the seventh largest in DeFi, according to DeFiYield Rekt.

Related topics: Crypto.com shares security breach details: 483 accounts hacked

The Qubit team has issued a statement warning customers that they are still monitoring the hacker and his affected assets. The blog also notes that we contacted the attacker to offer the maximum reward determined by his program. The team has since disabled the Supply, Redeem, Borrow, Repay, Bridge and Bridge Redemption features until further notice. However, they suggested that it was a requirement.

Hacking, extraction and protocol utilization are common in the cryptocurrency sector. Earlier this month, the decentralized platform for financial security and rewards service Immunefi reported that the losses on cybercrime in 2021 exceeded $ 10.2 billion. On January 17, the popular platform Crypto.com suffered a loss of around $ 34 million after a security breach.

Source: CoinTelegraph

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