Hack Track: Analysis of Qubit Finance Exploit
Contents
Hack Track: Analysis of Qubit Finance Exploit
Merkle Science
On January 27, 2022, an attacker stole $80 million from the decentralized lending and borrowing platform, Qubit Finance. Exploiting Qubit’s Finance’s QBridge protocol, the attacker drained 206,809 Binance coins (BNB) from the platform. The QBridge protocol is an Ethereum-Binance Smart Chain bridge that facilitates the swapping of tokens from Ethereum (ETH) to Binance Smart Chain (BSC) blockchain. The protocol is implemented as a set of smart contracts built on top of the BSC.
According to DeFiYield’s Rekt database — a database of hacks, scams, and exploits — this is the seventh-largest DeFi hack ever. Of late there has been a rapid increase in global blockchain hacking incidents. Reportedly, both the crypto and the DeFi ecosystems have witnessed losses exceeding $10.2 billion over the past year, resulting from hacks, scams, and other malicious activities.
In particular, there has been a rise in hacking incidents suffered by …
Merkle Science
On January 27, 2022, an attacker stole $80 million from the decentralized lending and borrowing platform, Qubit Finance. Exploiting Qubit’s Finance’s QBridge protocol, the attacker drained 206,809 Binance coins (BNB) from the platform. The QBridge protocol is an Ethereum-Binance Smart Chain bridge that facilitates the swapping of tokens from Ethereum (ETH) to Binance Smart Chain (BSC) blockchain. The protocol is implemented as a set of smart contracts built on top of the BSC.
According to DeFiYield’s Rekt database — a database of hacks, scams, and exploits — this is the seventh-largest DeFi hack ever. Of late there has been a rapid increase in global blockchain hacking incidents. Reportedly, both the crypto and the DeFi ecosystems have witnessed losses exceeding $10.2 billion over the past year, resulting from hacks, scams, and other malicious activities.
In particular, there has been a rise in hacking incidents suffered by …
IoC
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