Binance Smart Chain Crypto Project Qubit Hacked For $80M; 'Maximum Bounty' Offered For Return

Qubit Finance, a DeFi protocol built on the Binance Smart Chain, was exploited for $80 million by hackers on Friday.

What Happened: According to an update from Qubit Finance on Twitter, the attackers exploited a bug in the protocol’s code to mint an unlimited amount of xETH, or Ethereum ETH/USD bridged through Qubit.

By tricking the protocol into showing they had made a deposit, without actually deploying any funds, the hackers managed to drain $80 million worth of user funds after converting it into Binance Coin BNB/USD.

Also Read: Keeping Your Money Safe In A Crypto Wallet: Here's What You Need To Know

This is the seventh-largest DeFi exploitation, in terms of the amount of funds stolen by attackers, according to data from De.Fi.

The Qubit Finance team requested the attackers return the funds in exchange for a “maximum bounty” by communicating through a transaction on the Binance Smart Chain blockchain.

Qubit Finance’s native crypto token QBT QBT/USD is down over 30% since news of the protocol being hacked broke earlier today. Data from CoinMarketCap indicates that the token is down 99.25% from its all-time high of $0.5809 on Sept. 2, 2021.

Photo: Courtesy of Don Hankins on Flickr

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