Qubit Finance suffers $80 million loss following hack

Qubit Finance suffers $80 million loss following hack

High-profile hacks have become more prevalent throughout the cryptocurrency market, and Qubit Finance is one of the latest decentralized finance (DeFi) protocols to be exploited by hackers.

Hackers were able to access and steal over $80 million from Qubit Finance which is based on Binance Smart Chain the protocol confirmed via a tweet Friday. The addresses linked to the assault stole 206,809 Binance Coin (BNB) from Qubit's QBridge protocol. The assets are valued at more than $80 million at the time of writing.

Our top trading bots

QBridge was hacked to create “a huge amount of xETH collateral” that was subsequently used to drain the entire quantity of BNB stored on Q Bridge, according to PeckShield, which analyzed Qubit's smart contracts.

In a report by security firm CertiK, the attacker utilized a deposit option in the QBridge contract to illegally mint 77,162 qXETH, which is an asset representing ether bridged via Qubit. The protocol was duped into believing that attackers had deposited money when they hadn't.

According to CertiK, the hacker carried out these actions multiple times and converted all of the assets to Binance Coin as a result. This makes the exploit the seventh-largest in DeFi, according to DeFiYield Rekt data.

Related: Crypto.com shares details on security breach: 483 accounts compromised

The Qubit team sent out a statement to notify clients that they are still monitoring the hacker and their impacted assets. The blog also notes that we have contacted the attacker to offer the maximum reward as determined by their program. The team has since disabled Supply, Redeem, Borrow, Repay, Bridge and Bridge Redemption features until further notice. However, they indicated that claiming is available.

Hacks, rug-pulls, and protocol exploits are all common in the cryptocurrency sector. Earlier this month, decentralized finance security platform and bug bounty service Immunefi revealed that cybercrime losses surpassed $10.2 billion in 2021. On Jan. 17, the popular crypto exchange Crypto.com suffered nearly $34 million in losses following a security breach.

Continue reading at Cointelegraph
Tax expert says buying crypto is not a taxable event
While many refer to crypto as the “Wild West,” some believe that this may only continue for a little longer.Thomas Shea, crypto tax leader at EY Financial...
Softbank backed startup to offer retail crypto trading
Stock brokerage firm DriveWealth has entered the cryptocurrency industry by launching two subsidiaries designed to allow its partners to offer crypto trading...
NFTs to help brewers and farmers preserve UNESCO Belgian beer heritage
Brewers and farmers from Belgian Barrels Alliance (BBA) have partnered with Zeromint to offer nonfungible tokens (NFTs) aimed at preserving the UNESCO recognized...
The Giving Block launches 15 new funds to direct crypto donations by cause
Cryptocurrency charity platform The Giving Block has announced the launch of 15 new 'Cause Funds' to better direct donations to charities with similar goals...
Roxe hires ex-IMF economist to lead Bitcoin-backed CBDC project
Global payment network Roxe has recruited a seasoned economist from the International Monetary Fund, or IMF, to help lead its central bank digital currency...
Visa whitepaper describes NFTs as a ‘promising medium for fan engagement’
Visa’s splash into the NFT market was driven by an evaluation of the underlying technology and its ability to serve as a “promising medium for fan engagement,”...
San Marino approves VeChain eNFT vaccination certificate that's verifiable worldwide
The Republic of San Marino has approved VeChain’s NFT-based vaccination passport, which is reportedly verifiable worldwide. The small European nation with...
Calling the crypto space 'a very masculine area,' Mila Kunis launches NFT project
An actress famous for her roles in That '70s Show and Family Guy, Mila Kunis has now launched an animation on the blockchain, which developed from an interest...
Algorand (ALGO) price strengthens as institutional investors back the project
Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong...
Andreessen Horowitz leads $28M Aleo raise
Aleo, a privacy-focused blockchain, has secured $28 million in investments to bring its zero-knowledge applications to a wider market.California-based venture...
Enterprise-level partnerships send VeChain (VET) price to new highs
Real-world partnerships and integrations into thriving industries are some of the best forms of validation for blockchain projects that are seeking long-term...
XRP Climbs 21% In a Green Day
Investing.com - XRP was trading at $1.06325 by 20:07 (00:07 GMT) on the Investing.com Index on Wednesday, up 20.84% on the day. It was the largest one-day...
DeFi-ing the odds: Why DeFi could rebuild trust in financial services
To function effectively, society has long depended on people having faith in their institutions. Thanks to the COVID-19 pandemic and wide-ranging failures...
Litecoin Is Gaining Popularity In The Darknet
Specialists of the Recorded Future company presented the results of the study, designed to find out which cryptocurrencies are most in demand today in...
US Regulators Summoned Crypto Exchange Bitfinex & Tether, Investigate The Case
Giant cyber money trading platform Bitfinex, as well as token issuer Tether, have recently been summoned by American regulators given the growing hunch...