28 Jan BSC-Based DeFi Project Qubit Finance Exploited for $80 Million in BNB
The Binance Smart Chain-based protocol Qubit Finance reported being hacked for $80 million worth of BNB. The attackers managed to create the illusion that they had deposited large amounts of xETH collateral.
The blockchain security resource PeckShield reported last night that the DeFi project could have become a victim of a security breach. Later on, the company added that stolen funds equaled $80 million worth of Binance Coin.
Qubit Finance confirmed the exploit, saying that the hackers “minted unlimited xETH to borrow on BSC.”
After updating users on Twitter, the team behind the project said it had also contacted the perpetrators to “offer the maximum bounty.”
“The exploit and loss of funds have a profound effect on thousands of real people. If the maximum bounty offer is not what you are looking for, we are open to have a conversation. Let’s figure out a solution.” – reads the message sent to the attackers.
Qubit Finance’s report on the matter explained that the perpetrators called the QBridge deposit function on the Ethereum network. QBridge is a cross-chain platform allowing users to collateralize their assets without moving them from one chain to another.
Aside from contacting the perpetrators, Qubit has disabled Supply, Redeem, Borrow, Repay, Bridge, and Bridge redemption features and will cooperate with “security and network partners, including Binance.”
Another report from security company CertiK showed that the attackers essentially tricked Qubit’s protocol into showing that they had deposited funds without actually making such a transfer.
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