{"id":400391,"date":"2022-01-28T12:51:11","date_gmt":"2022-01-28T09:51:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/qubit-finance-suffers-80-million-loss-following-hack\/"},"modified":"2022-01-28T12:51:11","modified_gmt":"2022-01-28T09:51:11","slug":"qubit-finance-suffers-80-million-loss-following-hack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/qubit-finance-suffers-80-million-loss-following-hack\/","title":{"rendered":"# Qubit Finance suffers $80 million loss following hack"},"content":{"rendered":"<p>&#8220;<strong># Qubit Finance suffers $80 million loss following hack  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDE3OGI5Y2UtMmRkZC00ZTA5LTg0ZWYtMTlkNGYwY2Y5MGNmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>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.<\/p>\n<p>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\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/QubitFin\/status\/1486870238591594497\">tweet<\/a>\u00a0Friday. The addresses linked to the assault stole 206,809 Binance Coin (BNB) from Qubit&#8217;s QBridge protocol. The assets are valued at more than $80 million at the time of writing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Did <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/QubitFin?ref_src=twsrc%5Etfw\">@QubitFin<\/a> just get hacked for $80M? Check out this address: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1Oao54Ndnb\">https:\/\/t.co\/1Oao54Ndnb<\/a><\/p>\n<p>\u2014 claudeshannon.eth \u26fd\ufe0f (@0xclaudeshannon) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xclaudeshannon\/status\/1486826216661340161?ref_src=twsrc%5Etfw\">January 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nQBridge was hacked to create \u201ca huge amount of xETH collateral\u201d that was subsequently used to drain the entire quantity of BNB stored on Q Bridge, according to PeckShield, which analyzed Qubit&#8217;s smart contracts.<\/p>\n<p>In a<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CertiKCommunity\/status\/1486882149378756612\"> report<\/a> by security firm CertiK, the attacker utilized a deposit option in the QBridge contract to illegally mint 77,162 qXETH, which is an asset representing ether bridged via Qubit. The protocol was duped into believing that attackers had deposited money when they hadn&#8217;t.<\/p>\n<p>According to CertiK, the hacker carried out these actions multiple times and converted all of the assets to Binance Coin as a result. This makes the exploit the seventh-largest in DeFi, according to DeFiYield Rekt<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defiyield.app\/rekt-database\"> data<\/a>.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Crypto.com shares details on security breach: 483 accounts compromised<\/em><\/strong><\/p>\n<p>The Qubit team sent out a<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/@QubitFin\/protocol-exploit-report-305c34540fa3\"> statement<\/a> to notify clients that they are still monitoring the hacker and their impacted assets. The blog also notes that we have contacted the attacker to offer the maximum reward as determined by their program. The team has since disabled Supply, Redeem, Borrow, Repay, Bridge and Bridge Redemption features until further notice. However, they indicated that claiming is available.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"und\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/G1WOMglVUU\">pic.twitter.com\/G1WOMglVUU<\/a><\/p>\n<p>\u2014 Qubit Finance (@QubitFin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/QubitFin\/status\/1486984216072318977?ref_src=twsrc%5Etfw\">January 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Hacks, rug-pulls, and protocol exploits are all common in the cryptocurrency sector. Earlier this month, decentralized finance security platform and bug bounty service Immunefi revealed that cybercrime losses surpassed $10.2 billion in 2021. On Jan. 17, the popular crypto exchange Crypto.com suffered nearly $34 million in losses following a security breach.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/qubit-finance-suffers-80-million-loss-following-hack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Qubit Finance suffers $80 million loss following hack &#8221; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":400392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDE3OGI5Y2UtMmRkZC00ZTA5LTg0ZWYtMTlkNGYwY2Y5MGNmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,76978,74868,70944],"class_list":["post-400391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cybercrime","tag-defi","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/400391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=400391"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/400391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/400392"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=400391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=400391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=400391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}