Home » Technology » Crypto Theft: Qubit Misses $80 Million

Crypto Theft: Qubit Misses $80 Million

Unknowns have exploited a vulnerability in the cryptocurrency platform Qubit to steal approximately $80 million from the service. Qubit now calls on the thieves to return the money and offers a reward for it. The “loss” of 206,809 Binance coins from Qubit’s QBridge protocol was confirmed a few days ago. Qubit company confirmed that their protocol was being misused by a hacker. Until now, strangers have been known to discover a vulnerability in the platform and exploit it to redirect cryptocurrencies.

The value would be around 80 million dollars, how many injured there are at the moment is not known. “The exploitation and loss of money has a major impact on thousands of real people,” the company said in a message to hackers. Therefore, the company is now begging the strangers to return the cryptocurrencies.

$250,000 “reward” for return

According to the company, the hacker was contacted and offered the maximum bug bounty in exchange for refunding the money. That would mean the hackers could get $250,000 — “legally” so to speak. Such an approach is common, although, to our knowledge, it has had only moderate success in the past. “We recommend that you negotiate directly with us before taking any further steps. The security breach and the loss of money have a major impact on thousands of people.

If the maximum premium is not what you are looking for, we are here for you ready. for a chat.” finished. Let’s find a solution,” wrote the Qubit Finance team. Blockchain security firm CertiK released a detailed explanation of how the attack happened. It also tracked the stolen funds as the hackers moved them to different accounts.

Bug in code abused

Explaining how the theft could have happened, CertiK wrote: “For the non-technical readers, essentially the attackers exploited a logical flaw in Qubit Finance’s code that allowed them to enter malicious data and tokens into the Binance smart chain, although none were deposited on Ethereum,” explains CertiK. It is not known whether the problem has been resolved at all. In any case, trade was suspended.

Brain Curry

Brian is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.

1 thought on “Crypto Theft: Qubit Misses $80 Million

Comments are closed.