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HomeCrypto NewsAnother DeFi Platform Hacked. Qubit Lost $80 Million To Hackers

Another DeFi Platform Hacked. Qubit Lost $80 Million To Hackers

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Hackers have successfully steal $80 Million from Qubit a DeFi Platform.

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Hackers have managed to steal 206,809 BNB tokens on X-Bridge, Qubit Finance’s bridge protocol, which allows tokens to be exchanged between the Ethereum (ETH) blockchain and the Binance Smart Chain (BSC). The hackers managed to take advantage of a logic flaw in Qubit Finance’s code allowing them to withdraw BNB tokens without having to deposit ETH. Thus making the protocol believe that funds had indeed been deposited, the hackers first stole more than 77,000 qXETH, the ETH passing through X-Bridge. The feat was repeated several times until they were able to drain the equivalent in BNB on the bridge, worth over $80 million at the time of the hack.

Qubit team is now reaching out to hackers and convincing them to negotiate. In a Tweet, Qubit team has offered hackers a bounty offer and not to take any legal actions against hackers. There is yet no response from hackers.

Qubit has published Protocol Expolit Report, to make sure no such attack succeeds in future. But what will happen to lost funds is still a question. After the hack, Qubit token price fell 31% in past 24 hours.

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This is nor first neither the last DeFi hack. In August 2021, Poly Network was hacked for $600 million. The hacker however, has returned $600 million. He was offered job at Poly Network, as head of security which the hacker has refused. Will Qubit hackers will return stolen funds? Only time will answer this question.

 

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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