Qubit Finance, a decentralized platform, is the latest victim. According to The Verge, Qubit Finance was the latest victim of a high-value robbery on Thursday, with hackers stealing about $80 million in cryptocurrencies. The heist is claimed to be the biggest so far in 2022.
Decentralized finance is frequently regarded as impenetrable to hackers. Hackers, on the other hand, are a resourceful bunch, and they’ve discovered ways to break into the supposedly impregnable castle of Bitcoin. A weakness in the smart contract code used in an Ethereum bridge was exploited in the most recent hack by hackers.
The attack has previously been disclosed by Qubit Finance in a Medium report. The attack took place around 5 p.m. ET on the evening of January 27th, according to the report.
Qubit Finance has carved out a position for itself as a crossroads for several blockchains. To put it another way, deposits made in one cryptocurrency can be withdrawn in another. Qubit Finance, for example, acts as a link between Ethereum and the Binance Smart Chain (BSC) network.
Hackers exploited a flaw in Qubit’s smart contract code, according to CertiK, a blockchain auditing and security firm, which allowed them to deposit 0 ETH and extract nearly $80 million in Binance Coin in return.
Bridges are becoming increasingly important as the world shifts from an Ethereum-dominated world to a truly multi-chain world, according to CertiK experts. As the demand for transferring funds from one Blockchain to another grows, so does the risk of such hacks. The procedure, however, must be foolproof and executed in a way that is not vulnerable to hackers. According to reports, the current hack is worth more than $80 million.
Meanwhile, the Qubit Finance team has appealed to the hacker in a tweet, requesting that they negotiate with the team in order to reduce losses for the Qubit community.
In addition, Qubit’s bug bounty program offers the hacker the highest possible payment. According to a listing for Qubit on the Immunefi bug bounty platform, this is $2500.