BSC-based Qubit Finance suffers major attack, loses $80 million from pool funds
The amount of money lost in hacks of decentralized financed (DeFi) projects more than doubled to $1.3 billion in 2021. “State of DeFi Security” research report had highlighted the same concern. This marked a 2500% increase from 2020. Well, here’s an addition to the 2022 tally.
The seventh-largest crypto exploit
Binance Smart Chain-based Qubit Finance, launched by PancakeBunny, is currently trending within the crypto community, although for the wrong reason. The protocol was hacked according to the report from auditing firm PeckShield. The attacker stole a large amount of xETH collateral and about $80 million from the pool’s funds.
It seems the QBridge of @QubitFin is hacked to mint huge amount of xETH collateral and drain the pool funds about $80M. Please note we audited the Qubit lending, not the QBridge! More to come…
— PeckShield Inc. (@peckshield) January 27, 2022
According to DeBank data, the address related to the attack on Qubit Finance (0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7) exchanged stolen ETH, BTCB, DAI and other assets for BNB. The wallet address had more than 200,000 BNB worth nearly $80 million.