Qubit Finance Lost $80 Million In A Crypto Heist
Hackers exploited Qubit Finance’s protocols, a Decentralized Finance project (DeFi), and stole $80 million worth of cryptocurrencies on Thursday, making it the most famous crypto heist of 2022 to date. After the incident, the firm has been begging cybercriminals to return stolen funds to figure out the situation as many people have lost their hard-earned […]
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Findings stemming from a recent report published by the security-focused blockchain firm Certik indicate that the Binance smart chain Ethereum bridge called Qubit has been hacked for $80 million. Data shows on January 27, 2022, an attacker siphoned a number of tokens from an exploit on Qubit Finance’s bridge and Certik says the hack is “by far the largest exploit of 2022 to date.” Qubit’s Binance Smart Chain Ethereum Cross-Chain Bridge Attacked for $80 Million in Defi Tokens A decentralized finance (defi) exploit tied to Qubit Finance’s Binance smart....
The addresses linked to the hack attack have managed to steal 206,809 Binance Coin from Qubit's QBridge protocol. High-profile hacks have become more prevalent throughout the cryptocurrency market, and Qubit Finance is one of the latest decentralized finance (DeFi) protocols to be exploited by hackers.Hackers were able to access and steal over $80 million from Qubit Finance which is based on Binance Smart Chain the protocol confirmed via a tweet Friday. The addresses linked to the assault stole 206,809 Binance Coin (BNB) from Qubit's QBridge protocol. The assets are valued at more than $80....
The exploit took place on the Ethereum-BSC bridge that saw the hacker use $185 million as collateral to steal $80 million worth of tokens from lending pools. The development team behind Bunny Finance and Qubit has decided to disband the protocol and turn it into a decentralized autonomous organization (DAO).In an official medium post published on Friday, The Bunny Finance team announced that the exploit on Qubit that resulted in $80 million worth of loss has made it impossible for the team to operate at full scale. Thus, they have decided to disband the protocols and give authority to the....
Wormhole token bridge that links the Ethereum and Solana blockchains, seemingly an unimportant piece of tech for its function, lost over $321 million Wednesday afternoon. This is the largest attack to date on Solana. A competitor to Ethereum that’s progressively gaining grip in the non-fungible token (NFT) and DeFi ecosystems. The $600 million Poly Network crypto heist was bigger, but it involved cryptocurrencies rather than blockchain technology, which may explain why critics call this new development “pretty historic.” The heist occurred on Solana’s side. The....
The amount exploited this year so far surpasses the total amount stolen in all of 2020 and 2021 combined, with the month of March alone beating 2020 by over $200 million. The decentralized finance (DeFi) space has been rife with hacks, exploits, and scams so far this year with over $1.6 billion in crypto stolen from users, surpassing the total amount stolen in 2020 and 2021 combined.Analysis from blockchain security firm CertiK revealed the statistics on May 2 showing the month of March having the most value stolen at $719.2 million, over $200 million more than what was stolen in all of....