Just a few hours ago, another massive decentralized finance project hack took place. Hackers were able to withdraw $80 million worth of assets from the Qubit Finance protocol.
While the details of the hack are unknown, however, information security and blockchain analytics company PeckShield informsthat attackers were able to gain unlimited access to the QBridge bridge of the Qubit Finance credit protocol.
They then issued unlimited xETH tokens and emptied the bridge address on the Binance Smart Chain network. They managed to withdraw ETH, BTCB, DAI and other assets worth about $80 million. The assets were then exchanged for 206,000 BNB coins. At the time of publication, the coins remain on the purse of the attackers.
“The team continues to track the hacker and keep an eye on the assets he gained access to. The team contacted the hacker to offer him the highest possible reward for finding the vulnerability and recovering the assets.” wrote representatives of Qubit Finance in the social network Twitter.
Interestingly, Qubit Finance smart contracts have been audited by PeckShield. True, company representatives stressed that the QBridge bridge was not audited, only parts of the protocol related to lending were checked.
The decentralized protocol Multichain was previously hacked. The hackers managed to withdraw about $2 million, but $1 billion worth of assets were at risk.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
