Qubit Finance is the latest hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. victim at DeFi. This is the biggest attack of the year, by volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of stolen funds. The protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. is seeking to negotiate with the attacker for a possible return of funds.
The Decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. Finance Protocol (DeFi), Qubit Finance suffered a hacking attack that caused millions of dollars in losses.
Investigations indicate that a malicious actor exploited the lending protocol based on Binance Smart Chain (CSB) in the amount of USD $80 million on the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. BNB . The hacker exploited a vulnerability in Qubit Bridge a cross-chain cross-chain is a technology that enhances the interconnection between blockchain networks by allowing the exchange of information and value. bridging service that makes it easy for users to exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. tokens between Ethereum a decentralized open-source blockchain with smart contracts functionality. y BSC.
The bridge allows users to deposit Ethereum wrapped (WETH) to coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. xETH, an asset that represents the Ethereum in the BSC chain, to be used as loan collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. in the protocol Qubit Finance .
However, a critical flaw in the smart contracts of Qubit Bridge allowed the hacker to mint xETH without placing WETH funds as collateral. This allowed the attacker to “ cheat “to the protocol for obtaining unlimited leveraged loans with no deposit. The project’s official Twitter account an account is essentially a whose purpose is to track the financial activities of a specific asset/ confirmed the hack on Thursday:
The hacker coined xETH unlimited to borrow from BSC. The team is currently working with security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. and network a network refers to all nodes in the operation of a blockchain at any given moment in time. partners on next steps.
The protocol was exploited by;
The hacker minted unlimited xETH to borrow on BSC.
The team is currently working with security and network partners on next steps.
We will share further updates when available.
— Qubit Finance (@QubitFin) January 28, 2022
Qubit Finance seeks to negotiate with the hacker
The security team PeckShield which audited the smart contracts of Qubit agreed that the protocol was hacked in order to generate a “ huge amount of xETH warranty “which was then used to drain the total amount of BNB held at QBridge .
Using xETH as collateral, the hacker proceeded to siphon 206,809 BNB of Qubit Finance worth approximately $80 million at the time, said investigators at PeckShield in a tweet .
In a incident report the security firm CertiK said the attacker used a deposit function in the contract. QBridge to illicitly mint tokens and then take the loot. They also shared a complete breakdown of the assets involved in the attack, and agreed on the final loss figure.
“ The exploit generated them 77 162 qXETH (USD $185 million), which they then used to borrow and convert 15 688 wETH (USD $37.6 million), 767 BTC-B (USD $28.5 million), approximately USD $9.5 million in various stable coins and ~USD $5 million in CAKE, CONEJITO and MDX. “, indicaron.
The protocol team has also published a informe with the chronology and some details of the incident. Qubit Finance has not indicated whether it is considering a reimbursement plan to compensate users for losses, but it are attempting to contact the hackers to negotiate the return of funds.
— Qubit Finance (@QubitFin) January 28, 2022
The developers communicated their intent to negotiate with the attacker in a tweet . They have also left you a message on the blockchain offering him a reward of USD $250,000 in exchange for returning the stolen money.
The biggest hacking of a DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. in 2022
The latest attack on the Binance Smart Chain represents the largest hacking of a DeFi seen in 2022, to date; although it is not the first incident of the year. Last week, a white hat hacker stole USD$ 1.73 million per protocol Multichain before returning $900,000 and pocketing the rest as a reward.
El attack on Qubit Finance is the seventh largest hack of a DeFi protocol in history. in terms of the value of the stolen funds, according to data from DeFi Yield . It’s also the most recent exploit seen in a BSC project, a blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. that has seen a. significant number of scams The company has had a number of security incidents, hacks, rug-pulling and other security incidents in recent months.
In 2021, several projects of DeFi en Binance Smart Chain suffered attacks o important exploits. Some of the most serious of these include hacking of USD $31 million of Meerkat Finance in March, a exploit a Uranium Finance that cost users of the protocol $50 million in April and the $88 million attack on Venus Finance in May.
- OpenSea under attack: hacker exploits bug in NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. marketplace and makes off with more than $750,000 USD
- Crypto.com confirms hacking, reveals about $34 million lost
- DeFi Cream Finance platform a place to buy, sell and store cryptocurrency suffers second $25 million hack in six months
Article versioned by Hannah Estefania Perez / DiarioBitcoin
Image edited from Unsplash