The developers of a DeFi altcoin project based on the Binance Smart Chain announced today that they have experienced a hacking attack. The developers confirmed that Qubit Finance was exploited by attackers on Friday morning for over $80 million. Cryptocoin. com, we convey the details…
Attack on BSC-based DeFi altcoin project: $80 million lost
This morning, an attack took place on the Qubit Finance platform. In a post they shared, the developers stated that the hacker printed unlimited xETH to borrow tokens via BSC. It was also informed that the team is currently working with security and network partners on the next steps. The addresses linked to the attack show that 206,809 Binance Coins (BNB) were withdrawn from Qubit’s QBridge protocol. Security firm PeckShield confirmed in a tweet that the assets are worth over $80 million at current prices.
Decentralized finance projects such as Qubit Finance; It relies on smart contracts rather than third parties to provide users with financial services such as trading, lending and borrowing. Qubit allows users to provide their crypto assets to the protocol and receive loans for a flat fee against this collateral. QBridge is a cross-chain feature that allows users to secure their assets on other networks without moving their assets from one chain to another.
PeckShield, which oversees Qubit’s smart contracts, said QBridge was hacked by printing a “large amount of xETH collateral” and then used to drain the entire amount of BNB held in QBridge. In a report, security firm CertiK said the attacker used a deposit function in the QBridge contract and illegally minted 77,162 qXETH, an asset representing ETH on Qubit. The attackers spoofed the protocol by showing that they were making a deposit without a real deposit. Qubit’s QBT token has dropped 26 percent in the last 24 hours, with this being the seventh-largest attack on a DeFi protocol.
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