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Hackers Steal Cryptocurrency Worth $80 Million From Decentralized Finance Platform Qubit Finance

By Dr.Dang March 21, 2022, 9:42 p.m.
Hackers Steal Cryptocurrency Worth $80 Million From Decentralized Finance Platform Qubit Finance

High-profile heists or hacks have become rampant in the cryptocurrency world, and the most recent decentralized finance (DeFi) platform being targeted by hackers is the Qubit Finance. They gained access to Qubit Finance built on the Binance Smart Chain and stole approximately $80 Million.

Hackers Steal Cryptocurrency Worth $80 Million From Decentralized Finance Platform Qubit Finance

According to the Qubit Finance heist’s tweet, their team is currently working with security and network partners on next steps, following the Qubit’s QBridge protocol that was robbed of 206,809 Binance Coin (BNB) by the addresses associated with the heist. That makes it the largest cryptocurrency heist so far in 2022.

PeckShield, a security firm stated that the assets were valued over $80 million at current rates following the audit they carried out on the Qubit’s Smart contracts. They added that the QBridge was hacked to mint a “huge amount of xETH collateral” that was then used to drain the entire amount of Binance Coin held on QBridge.

The Decentralized Finance (DeFi) platforms such as Qubit Finance uses the smart contracts to provide customers with financial services like trading, lending, and borrowing, rather than them using the third parties in exercising its operations.

Qubit protocol

Users can supply their cryptocurrency holdings to the Qubit protocol and borrow money against those  for a predetermined amount. In simple terms, QBridge is a cross-chain functionality that allows users to collateralise their assets on other networks  without having to move their assets between chains.

The attacker used a deposit option in the QBridge contract to fraudulently generate 77, 162 qXETH,  which is an asset that represents  Ether Bridge via Qubit, according to an “incident analysis” by security firm Certik.

The procedure was tricked into assuming that the masked guys had made a deposit  when actually they had not. Certik stated that the hacker repeated these acts several times, converting all of the assets into Binance Coins

As to the recent tweet of Qubit Finance, the Qubit team had issued  a statement to inform clients that the hacker and their impacted assets were being monitored already. In their blog post, they added that they had contacted the hacker to provide the “maximum bounty offer”  as calculated by their programme.

According to data from CoinGecko at the time of writing, Qubit’s QBT was down 34.6 percent, of which much of the fall happened after the heist came to light. Qubit price today is $0.00202386 with a 24-hour trading volume of $27,083.

This price is down -3.8% in the last 24 hours and it has a circulating supply of 0 QBT coins and a total supply of 1 Billion.

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