In Brief:
- Qubit Finance lost $80 million funds in 206,809 Binance Coin into exploit attack.
- QBridge exploited with the intention to create “a huge amount of xETH collateral.”
- The attacker used deposit option on the QBridge contract to mint 77,162 qXETH.
Binance Smart Chain-based Decentralized protocols, Qubit Finance revealed in a tweet that their platform was exploited by hackers and stole over $80 million funds. Currently, the number of DeFi attack have surged in an exponential manner.
The address involved in the hack carries 206,809 Binance Coin (BNB) from Qubit’s QBridge protocol.
As per PeckShield, QBridge was exploited with the intention to create “a huge amount of xETH collateral” that the hacker wanted to transfer all BNB tokens on Q Bridge.
Reports from security firm Certik, the attacker used deposit option on the QBridge contract to mint 77,162 qXETH, which is an asset representing Ether bridged via Qubit. The move believes to the protocol that the attacker has deposited funds when they hadn’t.
According to the report, a hacker has executed this loop multiple times to convert all the assets into Binance Coins. The attack is the seven largest DeFi attack in history.
The Qubit team stated that the protocol is tracking hackers and their impacted assets. Also, they are trying to contact hackers to offer rewards to identify bugs. Temporarily, the team has paused Supply, Redeem, Borrow, Repay, Bridge, and Bridge Redemption features until further notice. But, claiming is till available who want to withdraw their funds.
Currently, Cryptoverse is ballooning its area rapidly. To match the pace of race among crypto firms, many platforms launch their platforms without third party audits. This led to faulty platforms and soft targets for hackers.
Recently, Crosswise, a cross-chain decentralized exchange platform (DeX) lost $879,000 in bug exploitation.
