Hacker withdrew $ 80.9 million from the Qubit Finance DeFi protocol

Hacker exploited a vulnerability in the decentralized financial service protocol Qubit Finance and stole $ 80.9 million in crunches.

DeFi protocol Qubit Finance hack

“The protocol was exploited by; 0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7 The hacker minted unlimited xETH to borrow on BSC.,” said Qubit Finance employees. The team is currently working with security and network partners on the next steps.

The criminal left xETH as collateral and withdrew the cryptocurrencies from the pool. According to the DeBank tracker, the attacker stole Ethereum (ETH), Bitcoin BEP2 (BTCB), Dai (DAI) and several other coins from DeFi users. He then traded digital assets for 206908 Binance Coins (BNB), which is currently worth $ 80.9 million.

Qubit Finance specialists have contacted the hacker and demanded the return of the stolen cryptocurrencies in exchange for a large reward through message entered into a transaction on the Binance smart chain, but has not yet responded to the request.

Specialists continue to monitor the location of the virtual currency and hope to identify the perpetrator. This is the seventh largest DeFi exploit.

Hacks, rug-pulls and protocol exploits are common in the cryptocurrency sector. Earlier this month, the decentralized financial security platform Immunefi revealed that cybercrime losses in 2021 exceeded $ 10.2 billion. On January 17, the popular crypto exchange Crypto.com suffered nearly $ 34 million in security breaches.