Qubit Hacking: The latest decentralized finance project to suffer at the hands of hackers is Qubit Finance as reports trickle in of large losses.
Details are very thin on the ground at the time of writing but it appears which the Qubit Finance DeFi protocol has been exploited.
In the early hours of Jan. 28 the team posted a notice on their Twitter feed stating that a malicious actor had exploited the protocol to mint unshort-term cryptocurrencies on the Binance Smart Chain-based platform:
“The protocol was exploited by; [wallet address]. The hacker minted unshort-term xEthereum (ETH) to borrow on BSC. The team is presently working with security and network partners on next steps.”
Qubit – $80 million exploit
Blockchain security and smart contract auditing firm PeckShield barelyifyed the exploit, stating:
“It seems the QBridge of @QubitFin is hacked to mint huge amount of xEthereum (ETH) colsubsequentlyal and drain the pool funds about $80M. Please note we audited the Qubit lending, not the QBridge!”
The latest update from the DeFi protocol team stated thin place endures to track the exploiter and monitor affected assets and has contacted the hacker to offer the maximum bounty.
RugDoc, a feed that monitors DeFi exploits, said thin place was the third or fourth time that BSC-based PancakeBunny protocols had been hacked.
According to BSCscan, the address exploiting the protocol had 206,809 Binance Coin (BNB), or $79.7 million worth of Binance Coin sitting in it.
CertiK Security reported that the hacker called a deposit function in the QBridge contract but didn’t make a deposit. The Ethereum QBridge realized the deposit event and minted $qXEthereum (ETH) for the hacker on BSC.
“The QBridge treats the Deposit event as an event of depositing #Ethereum (ETH) because the `deposit` and `depositEthereum (ETH)` methods in the #QBridge contract emit the same event.”
Seventh largest DeFi hack
The process was repeated several times to increase the loot that totaled nearly $80 million, malikeg this hack the seventh-largest according to DeFiYield’s Rekt database.
Qubit Finance is a lending protocol optimized to deliver lending as a utility for Binance Smart Chain. Its native QBT cryptocurrency has crashed 31% atop the past couple of hours and is directly exchanging at an all-time low of $0.004, down 99.2% from its September all-time strong of $0.58.
Last month the Grim Finance protocol lost $30 million in an exploit a week after Brinc Finance was exploited for $1.1 million.
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