Qubit Finance lost $80 million worth of crypto assets in QBridge protocol hack

Biggest cryptocurrency heist of 2022, Cybercriminals have stolen crypto assets worth $80 million (Rs, 600 crores approx) from decentralized finance(Defi) platform Qubit Finance

Qubit Finance lost $80 million worth of crypto assets in QBridge protocol hack

The company contracted the hacker and offered them the maximum bug bounty in exchange for a return of the funds. 

Qunit Finance declared that the hackers stole 206,809 Binance coins from Qubit's QBridge protocol. "The team is presently working with security and network partners on next steps," 

Qubit Finance Team Announced that The company conversation with the hacker, asking them to negotiate with the team to minimize losses for the Qubit community. "We propose you negotiate directly with us before taking any further action. The exploitation and loss of funds have a profound effect on thousands of real people. of the maximum bounty " offer is not what you are looking for, we are open to having a conversation Let's figure out a situation. 

Blockchain security company Certik stated how the hackers stole funds and transfer them to another account. "For the non-technical readers, what the attacker did is take advantage of a logical error in Qubit Finance's code that allows to input malicious data and withdraw tokens on Binance Smart Chain when none were deposited Ethereum"

Qubit is a Defi platform that deals in different blockchains, deposits made in one cryptocurrency can be withdrawn in another account. Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain (BSC) network. 

Chainalysis revealed that scammers mooched off over $14 billion worth of cryptocurrency from victims in 2021 by 79 percent from $7.8 billion in 2020. Chainalysis said that illegal addresses already hold over $10 billion worth of cryptocurrencies, with the majority of this held by wallets associated with cryptocurrency theft. 

It should be noted the rise in decentralized finance(Defi) which facilitates crypto-denominated lending outside traditional banking. has been a big factor in the increase in stolen funds and scams. The firm says hackers have aimed DeFis the most, another warning for those dabbling in this emerging segment of the crypto industry. 

"Defi is one of the most exciting areas of the wider cryptocurrency ecosystem, presenting huge opportunities to entrepreneurs and cryptocurrency users alike," Chainalysis said its annual crypto Crime report. 

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