Qubit Finance Loses $80M in Latest DeFi Hack

Qubit Finance Loses $80M in Latest DeFi Hack

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Qubit Lost 206,809 BNB in Hack

Binance Smart Chain DeFi Protocol Qubit Finance has lost $80 million in an online hack that happened in the early hours of Friday. Qubit proceeded to warn users against supplying any asset in the Qubit finance protocol.

Qubit Lost 206,809 BNB in Hack

Binance Smart Chain DeFi Protocol Qubit Finance offers a ” bridge service.”  It allows users to deposit funds in one cryptocurrency and withdraw in another one. Qubit runs a bridge between Ethereum and the Binance Smart Chain network.

Qubit also offers lending and borrowing services through a decentralized platform built on Binance Smart Chain. The X-Collateral Bridge allows users to collateralize their asses on other chains without moving tokens from one chain to another, turning them into xETH.

The exact token lost in the hack is 206,809 Binance Coin for Qubit’s QBridge protocol. DeFi protocols work on peer-to-peer smart contracts. However, sometimes hackers manage to exploit them, a trend rising recently.

The cyberattack started the QBridge protocol to create a huge xETH collateral. According to a report by Certik security firm, the attackers leveraged the deposit option in QBridge and illegally minted 77,162 qXETH. As far as the protocol was concerned, the activity was just a user depositing money into the protocol. The criminals then proceeded to drain the available quantity of BNB that was stored on the QBridge.

Qubit Has reached out to Attacker

The address responsible for the attack is 0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7. In a post on Medium, Binance Smart Chain DeFi Protocol Qubit said it was continuing to track the exploiter and monitor affected assets. Additionally, the protocol said it had contacted the attacker and hoped they would accept the maximum bounty set by Qubit.

Reports indicate that this may not be the first time Qubit Finance protocol has been hacked. RugDoc, a feed that tracks DeFi exploits, says that this was the third or fourth time the BSC-based protocols were hacked.

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