Another situation where the developers behind Qubit are left with few answers for their community.
QBridge Exploited for $80 Million
The Qubit Protocol was the subject of an $80 million hack to its QBridge deposit function between Ethereum and Binance Smart Chain. Sadly for the team behind Qubit, this is not their first encounter as the team faced a couple of hacks in 2021 working with PancakeBunny.
The latest attack was first pointed out by Twitter user @claudeshannon.eth, who noted mysterious withdrawal activity related to Qubit on BscScan at around 22:19 UTC on January 27. A little more than an hour later the hack was recognized and acknowledged by PeckShield, a prominent blockchain security auditor.
“It seems the QBridge of @QubitFin is hacked to mint huge amount of xETH collateral and drain the pool funds about $80M,” PeckShield tweeted just before midnight on the 27th. “Please note we audited the Qubit lending, not the QBridge! More to come…”
Certik, another blockchain security auditor, also gave their perspective on Twitter. The team at Certik confirmed the blackhat made off with 77,162 $qXETH, roughly $80 million at the time.
“@QubitFin’s bridge contract, QBridge, has experience an exploit and minted 77,162 $qXETH worth $80M,” Certik tweeted, beginning a multi-part explanation thread.
The Response from Qubit
As more news unraveled, the Qubit team informed the community of the exploit with several tweets. The Qubit Team ultimately published a post-mortem in the early hours of January 28, which explained the details of the attack.
“In summary, the deposit function was a function that should not be used after depositETH was newly developed, but it remained in the contract,” the post-mortem explains.
So far, the team has not caught the malefactor and is tracking the associated wallets closely. Qubit has enlisted the support of Binance to help ascertain more information and suss out a solution.
The Qubit team had a bug bounty in place of just $250,000, to which they offered the blackhat to no avail. The team has put out a plea to the hacker to work with them and return the funds.
BSC News will monitor the situation closely and hopes that all parties can find a peaceful solution. Hacks are never positive and are always a reminder to monitor funds. The developers at Qubit were known to have been vulnerable in the past while working under PancakeBunny. Every smart contract holds a degree of trust.
What is Qubit Finance?
Qubit Finance is a decentralized lending and borrowing platform built on the BSC. Developed by the PancakeBunny team, Qubit connects borrowers and lenders in automated money markets, offering speed, automation, and blockchain security.
Qubit is designed to bring continuous innovation to DeFi. The protocol delivers lending-as-a-utility and offers users a reduced cost of lending/borrowing by charging zero withdrawal fees.
Where to find Qubit Finance:
Website | Documentation | Twitter | Medium | Github | Telegram
Source : bsc.news
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