Cryptocurrency Worth $80 Million Stolen From DeFi Platform Qubit Finance

ndtv.com:

High-profile heists are becoming more common in the cryptocurrency world

High-profile heists or hacks are becoming more common in the cryptocurrency world, and Qubit Finance is the most recent decentralised finance (DeFi) platform to be targeted by hackers. They were able to gain access to Qubit Finance, which is built on the Binance Smart Chain, and steal approximately $80 million (about Rs 600 crores). Qubit's QBridge protocol was robbed of 2,06,809 Binance Coin (BNB) by the addresses associated with the heist. This is the largest cryptocurrency heist in 2022 so far. Qubit Finance admitted to the heist in a tweet. “The team is currently working with security and network partners on next steps. We will share further updates when available,” stated the tweet.

The protocol was exploited by;0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7The hacker minted unlimited xETH to borrow on BSC.The team is currently working with security and network partners on next steps.We will share further updates when available.

According to security firm PeckShield, the assets were valued over $80 million at current rates. PeckShield had audited Qubit's smart contracts. The security firm also stated that the QBridge was hacked to mint a “huge amount of xETH collateral” that was then used to drain the entire amount of Binance Coin held on QBridge.

It seems the QBridge of @QubitFin is hacked to mint huge amount of xETH collateral and drain the pool funds about $80M. Please note we audited the Qubit lending, not the QBridge! More to come...

DeFi platforms such as Qubit Finance use smart contracts rather than third parties to provide customers with financial services such as trading, lending, and borrowing. Users can supply their cryptocurrency holdings to