Hackers steal $80 mn in crypto from Qubit Finance

Hackers succeed in gaining more then $80 million from an exchange by the name Qubit Finance, DeFi lending firm, was exploited by a hacker on Thursday night.

Now the cybersecurity breaches have become common in taking cryptocurrency from the trading platforms, leaving investors frustrated and companies suspending services to fix network vulnerabilities. Report says, a record of $1.3 billion was stolen in DeFi scams and exploits in 2021.

Qubit is a DeFi platform that deals in different blockchains, meaning that deposits made in one cryptocurrency can be withdrawn in another. Qubit Finance operates a bridge between Ethereum and the Binance Smart Chain (BSC) network.

DeFi is one of the most exciting areas of the wider cryptocurrency ecosystem, presenting huge opportunities to entrepreneurs and cryptocurrency users alike. According to ZDNet, the company contacted the hacker and offered them the maximum bug bounty in exchange for a return of the funds.

In a tweet, Qubit Finance acknowledged the hack, and said that the hackers stole 206,809 binance coins from Qubit’s QBridge protocol. “The team is currently working with security and network partners on next steps,” it posted.

The company directly appealed to the hacker, asking them to negotiate with the team in order to minimise losses for the Qubit community. “We propose you negotiate directly with us before taking any further action. The exploit and loss of funds have a profound effect on thousands of real people. If the maximum bounty offer is not what you are looking for, we are open to have a conversation. Let’s figure out a situation,” the Qubit Finance Team wrote.