How North Korea-linked cybercriminals hacked Qubit
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Qubit was a South Korea-based DeFi lending protocol built on the BNB chain. Qubit also ran an associated protocol, the QBridge, that allows users to use assets on other chains as collateral to borrow against on Qubit, without actually moving those other assets onto BNB Chain. Users send assets they want to collateralize to a QBridge smart contract on those assets’ chains, and QBridge mints an equivalent asset on the BNB Chain.
Unfortunately, as has happened with many cross-chain bridges, hackers found an exploitable error in the code governing QBridge, and were able to drain the protocol of all of its holdings — roughly $80 million in assets, making it South Korea’s largest crypto theft of 2022. We can now share publicly for the first time that we have attributed this attack to North Korea-linked hackers, as was the case with so many other large DeFi hacks in 2022. Let’s take …
Unfortunately, as has happened with many cross-chain bridges, hackers found an exploitable error in the code governing QBridge, and were able to drain the protocol of all of its holdings — roughly $80 million in assets, making it South Korea’s largest crypto theft of 2022. We can now share publicly for the first time that we have attributed this attack to North Korea-linked hackers, as was the case with so many other large DeFi hacks in 2022. Let’s take …