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

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Qubit provides a “bridge” service across several blockchains, effectively allowing deposits in one cryptocurrency to be withdrawn in another.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.