Rate article
Share

Hackers Have Stolen $80 Million In Cryptocurrency From The Qubit DeFi Platform

Industry News
Upd
1m
Article thumbnail cover

Qubit Finance, a decentralized finance (DeFi) service, was the latest target of a high-value crime on Thursday, with hackers taking about $80 million in cryptocurrencies.

In an incident report published on Medium, Qubit Finance admitted the attack. According to the investigation, the hack occurred on the evening of January 27th at about 5 p.m. ET.

Qubit provides a “bridge” service across several blockchains, effectively allowing deposits in one cryptocurrency to be withdrawn in another. Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain (BSC) network.

According to CertiK, a blockchain auditing and security firm, the hacker was able to take advantage of a security hole in Qubit’s smart contract code, allowing them to deposit 0 ETH and withdraw over $80 million in Binance Coin in exchange.

The Qubit Finance team made a direct plea to the hacker in a message on Twitter, requesting them negotiate with the team to reduce damages for the Qubit community.

Subscribe
to our newsletter

By clicking “Subscribe”, you agree to the Privacy Policy. The information you provide will not be disclosed or shared with others.

Check out latest news in our telegram channel

Get Started

Our team will present the solution, demonstrate demo-cases, and provide a commercial offer