Qubit Finance, a major decentralized digital finance platform, was hacked for $80 million in cryptocurrency. The largest crypto-hack so far this year was initially reported in an incident report released on Medium.
Qubit Finance operate as a bridge between various blockchain providers, like a settlement processing provider might in more conventional financial services transactions, so that digital funds deposited into one type of cryptocurrency can be taken out through another type. Qubit specifically works as a “bridge” between Ethereum and the Binance Smart Chain (BSC) network. Attackers exploited a security flaw within the smart contract code of Qubit’s blockchain, which allowed them to deposit nothing and yet withdraw nearly $80 million through Binance Coin.
The Qubit Finance team released its own statement on Twitter, pleading with the bad actors who stole the funds to negotiate with the blockchain finance go-between, so as to reduce financial impact for all the people who use the blockchain bridge. To that end, Qubit reportedly offered a bug bounty of $250,000 to the hackers to encourage them to return their stolen crypto-funds.
Qubit Finance’s announcement on Medium: https://medium.com/@QubitFin/protocol-exploit-report-305c34540fa3