HomeNewsDeFi protocol Qubit Finance exploited for $80 million in a recent hack

DeFi protocol Qubit Finance exploited for $80 million in a recent hack

-

Reading Time: 2 minutes

 

Shedding $80 million worth of BNB tokens in a contemporary hack, Qubit Finance joined the poor checklist of exploited DeFi protocols on Binance Dapper Chain (BSC).

The DeFi lending protocol reported the incident in a Twitter post, revealing that the malicious attacker exploited a vulnerability on the Qubit Bridge–a depraved-chain bridge to Ethereum.

What took enlighten?

The Qubit team flagged the hacker’s take care of and revealed a detailed file that accommodates a prognosis of the attack.

Protocol Exploit File
This file contains an prognosis of the attack in its entirety in roar to look at the nature of the exploit and, to forestall any identical exploits in some unspecified time in the future.https://t.co/0152W0X553

— Qubit Finance (@QubitFin) January 28, 2022

QBridge enables users to deposit WETH from Ethereum mainnet to Qubit’s BSC-primarily based elegant contract, and mint xETH that could well even be earlier as collateral to borrow on BSC.

READ MORE:   Elon Musk says Dogecoin is better suited for transactions than Bitcoin

Alternatively, the attacker exploited the vulnerability and managed to mint limitless xETH–without depositing WETH.

With the utilization of the minted xETH as collateral, the attacker drained 206,809 BNB from the lending protocol, worth roughly $80 million.

The Qubit team is continuing to visual display unit the affected resources, which, at the time of writing, haven’t moved from the flagged take care of.

Qubit makes a try to contact the attacker

The exploited protocol additionally made makes a try to contact the attacker.

In an on-chain message, the team equipped a bounty of $250.000 in return for the stolen resources–the utmost amount attach by Qubit’s ongoing malicious program bounty program.

[Our message to the exploiter]
The team is worked up to have a dialog with you.https://t.co/4SxtuD6pQY pic.twitter.com/V9bICKvWda

— Qubit Finance (@QubitFin) January 28, 2022

“We pursue you to barter at once with us before taking any further motion. The exploit and loss of funds have a profound trace on thousands of steady other folks,” wrote the protocol on Twitter–urging the attacker to cooperate.

“If the utmost bounty supply is no longer what you’re shopping for, we are open to having a dialog. Let’s resolve out a resolution,” the team added.

While the team continues cooperating with safety and network partners, in conjunction with Binance, the protocol disabled Provide, Redeem, Borrow, Repay, Bridge, and Bridge redemption capabilities until further gawk.

READ MORE:   There’s a browser plugin that autoblocks Twitter NFT profile pictures

Essentially primarily based on DeFi Yield’s REKT Database, Qubit Finance exploit ranks because the seventh-biggest attack by the amount stolen.

Disclaimer: This article is for informational capabilities only. It is no longer an immediate offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any merchandise, services, or companies. We do no longer provides funding, tax, neatly suited, or accounting advice. Neither the corporate nor the author is guilty, straight or no longer straight, for any injury or loss precipitated or speculated to be precipitated by or in connection with the usage of or reliance on any insist, items, or services mentioned in this text.

Most Popular