Decentralized finance is often considered hackproof. However, hackers are an ingenious lot and have devised methods to breach the seemingly invincible fortress of cryptocurrency. In the latest hack concluded by hackers, a flaw in the smart contract code used in an Ethereum bridge has been exploited.
The latest victim is Qubit Finance, a decentralized platform. Qubit Finance is the latest victim of a high-value theft, with hackers stealing around $80 million in cryptocurrency on Thursday, reports The Verge. The theft is said to be the biggest heist of 2022 so far.
Qubit Finance has already acknowledged the hack.
Qubit Finance has already acknowledged the hack in a report published through Medium. Detailing the attack, the report said the attack happened around 5 PM ET on the evening of January 27th.
Qubit Finance has earned a niche and acts as a bridge between different blockchains. In other words, deposits made in one cryptocurrency can be withdrawn in another cryptocurrency. For example, Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain (BSC) network.
According to CertiK, a blockchain auditing, and security company, hackers have exploited a chink in 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.
CertiK analysts added that Bridges become more and more relevant as the world moves from an Ethereum-dominant world to a genuinely multi-chain world. The need for transferring funds from one Blockchain to another becomes real, the vulnerability of such hacks increases. However, the process must be foolproof and done in a way that is not susceptible to hackers. The latest hack is said to be worth more than $80 million.
Qubit Finance offers a bounty
Meanwhile, in a tweet, the Qubit Finance team has appealed to the hacker, asking them to negotiate with the team to minimize losses for the Qubit community.
Qubit also offers the hacker the maximum reward under its bug bounty program. A listing for Qubit on the Immunefi bug bounty platform suggests that this is $2500.
The Binance Smart Chain was launched in 2020. But, once considered an anomaly, hacks have become more common. The most daring heists include a $31 million hack on Meerkat Finance in March 2021, a hack on Uranium Finance for $50 million in April, and an $88 million hack against Venus Finance in May, according to Crypto Briefing.
- Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop
- What Is Terra LUNA 2.0, Here’s All You Need To Know
- Whales Accumulating These DeFi Tokens Amid Price Crash
- This Analyst Predicts A Bitcoin Bottom Before Bullish Momentum
- Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details
- Tron’s TRX Burn Total Exceeds 7.7 Billion
- Tron Stablecoin Reaches Key Milestone Amid Bearish Trends
- Binance Italy Gets Govt Nod, Global Expansion Goes On
- Just In: Russia Inches Closer To Crypto Adoption With Latest Move
- Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
- CRV Price Analysis: Dual Trendline Limits The CRV Bull Run
- DOT Price Analysis: Uncertainty Over DOT Price May End With Trendline Breakout
- ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON
- AAVE Price Analysis : $95 Breakdown Rease 25% Fall In AAVE Price
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?