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Binance Smart Chain DeFi Protocol Qubit Finance Exploited, Hacker Steals $80 Million -Breaking

by Mike Robinson

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Unlock Binance Smart Chain Protocol DeFi Protocol Qubit finance Exploited. Hacker Takes $80 Million

Decentralized finance has been called the future of finance and is currently worth more than $220 Billion.

Cybercriminals have made decentralized protocols prime targets despite their achievements. Immunefi reports that funds stolen in DeFi hacks or scams by cybercriminals in 2021 exceeded $10.2 million.

Qubit Finance has been added to the growing list of defi protocol that are being exploited.

Qubit Finance Exploited to $80 Million

Qubit Finance is a DeFi lending/borrowing protocol on Binance Smart Chain. On January 28th, the hacker took over 206 809 BNB (or $80 million) out of its lending pools.

Developers of Qubit Finance reported that “the hacker minted unlimited xETH to borrow on BSC.” According to Qubit, its team is currently working with security and network partners on the next steps.

After a post mortem on Qubit Finance’s chain, the security firm, Certik reported that the attacker utilized a deposit option in the QBridge contract to illegally mint 77,162 qXETH.

PeckShield claims that the hacker took the funds to deplete the QBridge’s entire BNB. According to data, Qubit’s hack is the seventh-largest DeFi exploit by the amount of funds stolen.

Flipside

  • Qubit Finance sent an email on-chain messageThe hacker offered a $250,000 bounty in exchange for the stolen funds.

What You Need to Care About

Although hacks and scams, rug-pullings and protocol exploits are all common in crypto, there have been concerns about their existence and calls to tighten regulation.

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