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Qubit Finance is hacked for $80 million. With the xETH Minting Scheme, you can create your own cryptocurrency

  • A cyberattack resulted in a loss of 206,809 BNB for Qubit Finance
  • The hackers want to generate a large number of xETH in order to extract BNB from QBridge
  • According to the most recent list of DeFi vulnerabilities, Qubit Finance is involved

The next high-profile DeFi attack has targeted Qubit Finance. The Binance Smart Chain protocol-based decentralised loan and borrowing platform has suffered a $80 million loss.

Hackers took 206,809 Binance Coin (BNB) from Qubit's QBridge protocol using their address. Meanwhile, the Qubit Finance team has issued a statement in reaction to the attack, informing its clients that the hacker and the stolen funds have been traced. The exploiter was also advised to negotiate before the corporation took any further measures, according to the article.

PeckShield, a blockchain security and data analytics firm, has disclosed that the hack was carried out in order to generate a large quantity of xETH (xplosive Ethereum) collateral. xETH is a hidden transaction wallet that improves the anonymity of Ethereum payments. The hackers devised a plan to drain all of the BNB held on QBridge.

Furthermore, CertiK, a blockchain security firm, pointed out that the deposit option in QBridge was vulnerable to hackers, who used it to create 77,162 qXETH assets in Qubit without permission. Hackers have exploited similar fraudulent operations numerous times to convert all compromised assets to BNB, according to the Rekt database, making it the seventh-largest breach in DEFI. Following the increase in those who trade crypto and fraudulent operations like as protocol exploits, rug-pulls and hacking have been prevalent. In addition, Crypto.com, a well-known to platform buy cryptocurrencies, claimed a loss of $34 million in cryptocurrency from 483 individuals. A total of nearly $19 million in Bitcoin and $15 million in Ethereum was also stolen. The problem also impacted a number of other coins.

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