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Exploiting a DeFi project built on the BSC blockchain and stealing $80 million from BNB

Exploiting a DeFi project built on the BSC blockchain and stealing $80 million from BNB

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Answer Exploiting a DeFi project built on the BSC blockchain and stealing $80 million from BNB

The DeFi industry continues to witness frequent security breaches.

Recently, Binance’s blockchain-based protocol, Qubit Finance, reported that it was hacked and $80 million of BNB was stolen.

The attackers managed to trick the protocol into making it appear that they had deposited large amounts of xETH collateral.

The source “PeckShield” reported last night that the decentralized finance project “Qubit Finance” may be the victim of a security breach.

Later, the company added, explaining that the stolen funds were estimated at $80 million in Binance tokens.

Qubit Finance confirmed the exploit, telling that hackers had minted an unlimited number of xETH coins to borrow from the Binance BSC blockchain.

Read:Italy: Former Cryptocurrency Exchange CEO Arrested

The team behind the project told Twitter that it contacted the perpetrators to discourage them from taking users’ money and promised them rewards.

A Qubit Finance report on the matter explained that the perpetrators exploited a deposit function called “QBridge” on the Ethereum blockchain.

“QBridge” is a multi-blockchain platform that allows users to secure their assets without transferring them from one network to another.

Regardless of contacting the perpetrators, Qubit has disabled several features on top of it:

Redemption, loan, repayment and bridge construction The project will collaborate with security partners, including Binance.

Another report from security firm CertiK showed that the attackers essentially tricked the Qubit protocol to prove that they deposited funds without actually making such a transfer.

In all cases, the attackers managed to steal the money of the users, who are the first and last victims of such operations.

Read:Cryptopia takes another step towards returning users’ money

Read also:

Congressman Criticizes SEC for Rejecting ‘Fidelity’ Bitcoin ETF

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