Hackers have reportedly stolen $80 million worth of cryptocurrency from the Qubit Defi platform. These hackers were able to steal Ethereum of $80 million, as they exploited a security flaw in its system. Qubit Finance is a regularised finance platform that allows the movement of monies or a “bridge ” for withdrawals to numerous blockchains.
This hack was confirmed by the team via a Medium post, citing the evening of January 27th 2022 as the date of the hack. According to the post, the hack happened around 5 PM eastern time, as the hackers exploited the company.
Qubit works closely with Binance Smart Chain (BSC) network to move cryptocurrency around. The hackers used a smart contract code that allows them to send a deposit of 0 ETH and withdraw $80 million; according to blockchain auditing and security company, CertiK.
In order to mitigate the losses, Qubit has publicly come out to negotiate with the hackers. One of its Twitter says it will offer the maximum reward under its bug bounty program in exchange for the moved funds. It is even willing to go as far as to improve on the fee if the hackers are not satisfied.
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A quick look at the Qubit page and the bug bounty rewards stands at $250,000. Last week, Hackers stole about $30 million from Cryptocurrency exchange company Crypto.com. This hack affected about 400 customers; says CEO Kris Marszalek during his interview with Bloomberg.
Crypto.com recent blog post says the company lost over $30 billion in Bitcoin and Ethereum during the hack. The details of the hack also include withdrawals of 4,836.26 ETH and 443.93 BTC which roughly is $15.2 million and $18.6 million respectively. Also, $66,200 worth of other currencies was stolen away from 483 Crypto.com users. The recent hacks from cryptocurrency companies show how thin the security space the relatively young industry is experiencing.
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