Hackers steal cryptocurrency worth US$80 million from Qubit Finance

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 Hackers steal cryptocurrency worth US$80 million from Qubit Finance
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Highlights

  • Qubit Finance uses smart contracts instead of third parties to provide customers with various financial services.

  • PeckShield Inc, a blockchain security company probing the hack, said cybercriminals robbed 2,06,809 Binance coins worth US$80 million Qubit Finance.

  • Analysts at blockchain security firm, Certik, revealed that hackers used Qubit’s QBridge deposit option for the robbery.

The decentralized finance platform Qubit Finance has become the latest target of cyber hackers. On Jan 27, 2022, hackers stole about US$80 million worth of cryptocurrency from its QBridge protocol.

Qubit said on its Twitter handle that hackers minted unlimited xETH to borrow on BSC. It added that its team is working with security and network partners on their next steps.

PeckShield Inc, a blockchain security company probing the hack, said cybercriminals robbed 2,06,809 Binance coins worth US$80 million, believed to be the largest cryptocurrency hack in 2022.

Meanwhile, the Qubit team is believed to have directly reached out to the hackers to minimize the losses for the Qubit community. It is offering them maximum bug bounty to return the stolen funds.

Analysts at blockchain security firm, Certik, revealed that hackers used the QBridge protocol’s deposit option for the robbery.

The procedure was misled into assuming that hackers had made the deposit when actually they did not. They also stated that the hackers repeated the act, converting all the assets to Binance Coin.

Also Read: Top penny stocks to explore in February


Hackers steal cryptocurrency worth US$80 million from Qubit Finance.

Source: Pixabay

Also Read: SEC gives nod to new US stock exchange with blockchain feed

What is Qubit

Qubit is a DeFi platform that deals in various blockchains. Qubit lets the deposits made in one crypto be withdrawn from another. It has been forming a bridge between Ethereum and Binance Smart Chain networks.

Qubit Finance uses smart contracts instead of third parties to provide its customers with various financial services. QBridge, on the other hand, is a cross-chain process that lets users guarantee their assets on other networks without shifting assets among chains.

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