Qubit Finance suffers $80 million loss following hack
Excessive-profile hacks have turn into extra prevalent all through the cryptocurrency market, and Qubit Finance is likely one of the newest decentralized finance (DeFi) protocols to be exploited by hackers.
Hackers had been capable of entry and steal over $80 million from Qubit Finance which relies on Binance Good Chain the protocol confirmed through a tweet Friday. The addresses linked to the assault stole 206,809 Binance Coin (BNB) from Qubit’s QBridge protocol. The property are valued at greater than $80 million on the time of writing.
Did @QubitFin simply get hacked for $80M? Take a look at this deal with: https://t.co/1Oao54Ndnb
— claudeshannon.eth ⛽️ (@0xclaudeshannon) January 27, 2022
QBridge was hacked to create “an enormous quantity of xETH collateral” that was subsequently used to empty your complete amount of BNB saved on Q Bridge, in keeping with PeckShield, which analyzed Qubit’s sensible contracts.
In a report by safety agency CertiK, the attacker utilized a deposit choice within the QBridge contract to illegally mint 77,162 qXETH, which is an asset representing ether bridged through Qubit. The protocol was duped into believing that attackers had deposited cash after they hadn’t.
In accordance with CertiK, the hacker carried out these actions a number of instances and transformed the entire property to Binance Coin because of this. This makes the exploit the seventh-largest in DeFi, in keeping with DeFiYield Rekt knowledge.
Associated: Crypto.com shares particulars on safety breach: 483 accounts compromised
The Qubit crew despatched out an announcement to inform shoppers that they’re nonetheless monitoring the hacker and their impacted property. The weblog additionally notes that we’ve contacted the attacker to supply the utmost reward as decided by their program. The crew has since disabled Provide, Redeem, Borrow, Repay, Bridge and Bridge Redemption options till additional discover. Nonetheless, they indicated that claiming is offered.
— Qubit Finance (@QubitFin) January 28, 2022
Hacks, rug-pulls, and protocol exploits are all widespread within the cryptocurrency sector. Earlier this month, decentralized finance safety platform and bug bounty service Immunefi revealed that cybercrime losses surpassed $10.2 billion in 2021. On Jan. 17, the favored crypto trade Crypto.com suffered almost $34 million in losses following a safety breach.