They steal 80 million dollars in cryptocurrencies from Qubit Finance taking advantage of an exploit and the platform begs for their return
Qubit Finance, a decentralized finance (DeFi) platform has lost 80 million dollars in cryptocurrencies after suffering a hack. The company has acknowledged the security incident and has asked the attacker to return the stolen funds, but has not received a response so far.
According to a incident analysis published by Qubit Finance, the attacker was able to steal 206,809 Binance Coins (BNB) last Thursday when exploiting a vulnerability in the code of one of its smart contracts (one of the pillars of decentralized finance) that run on the Ethereum blockchain.
CertiK, a Blockchain security company, analyzed the attack in detail and published a technical report of what happened. “What the attacker did was take advantage of a logic error in Qubit Finance’s code that allowed them to enter malicious data and withdraw tokens on Binance Smart Chain without depositing any to Ethereum,” he explained.
Qubit Finance, for its part, managed to identify the attacker’s ‘wallet address’ and confirmed that the funds are still in his possession. In order to try to recover them, he sent him a private message offering you a reward payment for having discovered the vulnerability and asking for the return of the stolen money.
Qubit Finance and a plea to the hacker
Without receiving a response, Qubit Finance posted a message on Twitter this Friday afternoon asking the attacker again to contact his team, perhaps in the hope that something similar to the attack on Poly Network will happen, where hackers returned all of the stolen money.
— Qubit Finance (@QubitFin) January 28, 2022
“We encourage you to deal directly with us before taking any further action. Exploitation and loss of funds have a profound effect on thousands of real people. If the maximum reward offer isn’t what you’re looking for, we’re open to discussion. Let’s find a solution.” The Qubit Finance team.
The company says it is still trying to contact the attacker. It also ensures that its security teams are working on monitoring the platform and determining the number of affected customers. As a result of the security incident, several services on the platform are suspended, until new notice.
According to data from DeFiYield, the Qubit Finance hack is the seventh most important in amount of funds stolen from decentralized finance platforms. From smallest to largest, above this are: Compound Labs, BadgerDAO, Cream Finance, Boy X Highspeed, Vulcan Forged and Poly Network.
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Reference-www.xataka.com