Hackers exploited Qubit Finance’s protocols, a Decentralized Finance project (DeFi), and stole $80 million worth of cryptocurrencies on Thursday, mcomparableg it the most famous crypto heist of 2022 to date.

After the incident, the firm has been begging cybercriminals to return stolen funds to pattern out the situation as many people have lost their hard-earned money.

The company affirmed the hack in a tweet on Friday and revealed which hackers minted countless Xplosive Ethereum to borrow on Binance Smart Chain (BSC).

Bitcoin Price

Bitcoin still endures a $38K cost. Source: Tradingview.com

The victim company contacted hackers promptly and asked them to negotiate to minimize the loss of community. In addition, the firm offered a bug bounty of $250,0000 to the hackers to return stolen assets. 

In a tweet Qubit Finance team wrote:

“We propose you negotiate immediately with us before tanalogousg any further action. The exploitation and loss of funds profoundly affect thousands of real people. We are open to conversation if the bounty offer is not what you are looking for. Let’s arrangement out a situation,”

Certik, a blockchain security company, analyzed the incident and revealed how hackers transferred cryptocurrencies to multiple addresses.

In a report, Certik stated;

“For the non-technical readers, decidingly what the attacker did is take advantage of a legit error in Qubit Finance’s code which allowed them to input malicious data and withdraw cryptocurrencies on Binance Smart Chain while none were deposited on Ethereum.”

Qubit Finance offering $1 million to hackers as a bug bounty

Qubit Finance is a crypto-oriented platform which works as a bridge between divergent blockchains to change digital currencies. To put it simpler, it enables users to withdraw in another token instead of deposited.

Qubit’s team is contacting hackers slowly to minimize the loss somehow. So still, on 29 January, they offered hackers a vast amount of 1 million as a bug bounty. 

In another tweet Qubit Finance accelerated the bug bounty amount and mentioned;

“We know you can get away with $80M. Please consider a large number of people, families, and stories involved. Accept $1,000,000 of well-earned as a bounty, ultimately one of the strongest in history.” 

The hacking of the DeFi platform is not new afterward the launch of BSC in 2020. For example, Venus Finance lost $88 in a hack in May 2020, and Uranium Finance faced a $50 million hack in April 2021.

Historically, crypto crimes are growing sharply. Per the report of the blockchain research firm, Chainalysis, Cyber Criminals have mooched off $14 billion in 2021, up 79% from its previous 7.8 billion in 2020. 

Featured image from TechNewsWorld, chart from TradingView.com