The decentralized finance platform Qubit Finance recently fell victim to a hack that stole about $80 million worth of cryptocurrency.
⠀
The company has acknowledged this in a recent incident report that they have published via Medium. The report has explained that the hack occurred on the 27th of January at around 5 PM ET.
⠀
Qubit provides a service that bridges different blockchains together by allowing deposits made in one type of cryptocurrency can be withdrawn in another. An analysis put together by a blockchain auditing and security company CertiK has explained that the hackers were able to exploit a security flaw within Qubit’s smart contract code which allowed the hacker to deposit 0 Ethereum onto the platform while withdrawing about $80 million worth of Binance Coin.
⠀
The finance team at Qubit has posted on Twitter a direct appeal to the hacker. The appeal asks the hacker to negotiate with the company to minimize any more losses within their community. The finance team has tried to offer the hacker the max reward of Qubit’s bug bounty program to mitigate any more withdrawals from the hacker. The bounty offer is said to be roughly $250,000.
⠀
For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇
Is it possible for scam victims to receive their money back? Yes, if you have been a victim of a fraud from an unregulated investing platform or any other scam, you may be able to reclaim what was stolen from you, but only if you report it to the appropriate authorities. You may reclaim what you've lost with the appropriate strategy and evidence. Those in charge of these unregulated platforms would most likely try to persuade you that what happened to your money was an unfortunate occurrence when, in reality, it was a sophisticated theft. If you or someone you know has been a victim of these situations, you should know that there are resources available to assist you. Simply do a search (reversalpro com) on google just the way it is in that bracket. It is never too late if you have the right information, your sanity can be restored.
DeFi hacks and cryptocurrency theft is growing like wildfire and at this rate even the most secure companies and accounts are getting hacked. If you have fallen victim to such criminals you can file a complaint with Express Crypto Back (Expresscryptoback .com) and get your cryptocurrency recovered. They are a top notch recovery company based in New York and very trusted by clients from around the world.