$80 million in crypto stolen from DeFi platform Qubit
Robbed of 2,06,809 BNB
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a service that bridges different blockchains together by allowing deposits made in one type of cryptocurrency can be withdrawn in another.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.
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