BlocksInform
High-profile hacks have become more common in the cryptocurrency market, and Qubit Finance is one of the latest decentralised finance (challenge) 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. Addresses related to the assault have stolen 206,809 binance corner (bnb) of qubit qbridge protocol. Assets are valued in excess of $80 million at the time of writing.
Did @QubitFin just get hacked for $80M? Check out this address: https://t.co/1Oao54Ndnb
— claudeshannon.eth ?? (@0xclaudeshannon) January 27, 2022
QBridge was hacked to create "an enormous amount of collateral xeth" that was then used to drain the entire amount of bnb stored on q bridge, by peckshield, that analyzed qubit's intelligent 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 the attackers had deposited money when they had not.
According to certik, the hacker carried out these actions several times and converted all assets into coin binance accordingly. 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 determined by their program. The team has since disabled the delivery, exchange, borrowing, repayment, bridge and bridge redemption functions until further notice. However, they indicated that claiming is available.
— Qubit Finance (@QubitFin) January 28, 2022
Hacks, rug-sweaters, and protocol feats are all common in the cryptocurrency industry. 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.
