{"id":17509,"date":"2022-01-29T10:52:39","date_gmt":"2022-01-29T09:52:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=17509"},"modified":"2022-01-29T10:52:48","modified_gmt":"2022-01-29T09:52:48","slug":"cross-chain-bridge-qubit-loses-80-million-to-hackers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cross-chain-bridge-qubit-loses-80-million-to-hackers\/","title":{"rendered":"Cross-Chain Bridge Qubit loses $80 Million to hackers"},"content":{"rendered":"\n
According to a report from CertiK, cross-chain bridge Qubit<\/a> has been hacked with losses spanning over $80M in assets. The recent compromise made the incident the largest DeFi exploit of 2022.<\/h5>\n\n\n\n
\"Cross-Chain<\/figure><\/div>\n\n\n\n

According to CertiK's blockchain security specialists, a decentralized finance (DeFi) vulnerability linked to Qubit Finance's Binance smart chain – Ethereum bridge \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>resulted in an $80 million loss. Qubit Finance is a DeFi protocol that provides lending features as well as a BSC-ETH cross-chain bridge.<\/p>\n\n\n\n
\"\"<\/figure>\n\n\n\n

The malicious attacker took advantage of the cross-chain bridge and was able to obtain 77,162 qXETH to borrow and convert into other currencies. The hacker was able to get “15,688 wETH ($37.6 million), 767 BTC-B ($28.5 million), about $9.5 million in various stablecoins, and $5 million in CAKE, BUNNY, and MDX” by leveraging stolen coins. CertiK's<\/a> post-mortem analysis goes on to say that:<\/p>\n\n\n\n

Essentially what the attacker did is take advantage of a logical error in Qubit Finance\u2019s code that allowed them to input malicious data and withdraw tokens on Binance Smart Chain when none were deposited on Ethereum<\/a>.<\/p><\/blockquote>\n\n\n\n

At the time of writing, the address still has all of the stolen coins, which are valued at $79,332,154. The cross-chain bridge vulnerability, according to CertiK, underlines two crucial points. “The significance of cross-chain bridges that promote interoperability between blockchains<\/a> [as well as] the importance of these bridges' security.” Cross-chain bridge technology has advanced significantly in recent years.<\/p>\n\n\n\n

\"\"
A visual perspective of the stolen funds taken from Qubit\u2019s Binance Smart Chain \u2194 Ethereum cross-chain bridge. Source: CertiK<\/figcaption><\/figure>\n\n\n\n

According to Dune Analytics, the total value locked (TVL) on Friday was $11.79 billion. With $5.1 billion in TVL, Polygon<\/a> has the largest (MATIC – ETH) cross-chain bridge. CertiK's post-mortem research emphasizes the importance of bridge security as cross-chain technology advances.<\/p>\n\n\n\n

“Bridges will only become more significant as we transition from an Ethereum-dominated world to a fully multi-chain world,” CertiK says in his study of Qubit's losses. “People need to move funds from one blockchain to another, but they need to do so in a fashion that isn't vulnerable to hackers capable of stealing more than $80 million.”<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a report from CertiK, cross-chain bridge Qubit has been hacked with losses spanning over $80M in assets. The recent compromise made the incident the largest DeFi exploit of 2022. According to CertiK’s blockchain security specialists, a decentralized finance (DeFi) vulnerability linked to Qubit Finance’s Binance smart chain – Ethereum bridge resulted in an […]<\/p>\n","protected":false},"author":12,"featured_media":17517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[6357,5643,6115,6920],"class_list":["post-17509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-certik","tag-defi-2","tag-hackers-2","tag-qubit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/image-322.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=17509"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/17509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/17517"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=17509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=17509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=17509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}