The exploit let them deposit 0 ETH and withdraw $80 million.
Qubit Finance, a decentralized finance platform, has become the latest victim of a high-value theft, with hackers stealing around $80 million in cryptocurrency on Thursday.Qubit Finance acknowledge the hack in anpublished through Medium. According to the report, the hack occurred at around 5PM ET on the evening of January 27th.
Qubit provides a service known as a “bridge” between different blockchains, effectively meaning that deposits made in one cryptocurrency can be withdrawn in another. Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain network. Analysis produced by CertiK, a blockchain auditing and security company, suggests the hacker was able toin Qubit’s smart contract code that let them send in a deposit of 0 ETH and withdraw almost $80 million in Binance Coin in return.
“As we move from an Ethereum-dominant world to a truly multi-chain world, bridges will only become more important,” CertiK analysts wrote. “People need to move funds from one blockchain to another, but they need to do so in ways that are not susceptible to hackers who can steal more than [$80 million].”
A statement posted by the Qubit Finance team on Twitter directly appealed to the hacker, asking them to negotiate with the team in order to minimize losses for the Qubit community.
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