DeFi Platform Qubit Finance Hacked, Looses Over $80 Million

Qubit Finance, a decentralised finance (DeFi) network, was the latest target of a high-value crime on Thursday. Hackers taking about $80 million in cryptocurrencies. Because of the amount of bitcoin taken, this is the most significant hack of 2022 so far.

In an incident report published on Medium, Qubit Finance acknowledges the attack. According to the investigation, the hack occurred on the evening of January 27th.

Qubit provides a “bridge” service across several blockchains, effectively allowing deposits in one cryptocurrency to be withdraw in another. Qubit Finance is a cryptocurrency exchange that connects Ethereum to 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.

“Bridges will only become more significant as we transition from an Ethereum-dominated world to a fully multi-chain future,” CertiK analysts stated. “People need to shift funds from one blockchain to another, but they need to do so in a way that is not vulnerable to hackers capable of stealing more than [$80 million].”

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

Several DeFi projects have been hacked after the debut of Binance Smart Chain in 2020. According to Crypto Briefing, the most serious include a $31 million attack on Meerkat Finance in March 2021, a $50 million hack on Uranium Finance in April, and a $88 million hack on Venus Finance in May.

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