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$80M worth of crypto has been stolen from Qubit Finance

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In the largest crypto hacking of 2022 to date, $80 million worth of cryptocurrency has been stolen from decentralized crypto lending platform Qubit Finance last January 27. Since then, the Qubit team has been working to make contact with the hackers through a $2 million bounty and find a way to return the funds to their platform users. 

When the hacking incident was initially found last January 27, Qubit announced that the hackers were able to exploit the platform by minting xETH to borrow funds on the Binance Smart Chain. 

They then released a report through the Medium platform last January 28 detailing the timeline of the attack, how it was completed and what actions are currently being taken by the Qubit team.

On the same day, they released another statement reassuring clients that they are working on the issue, saying that ‘The team continues to track the exploiter and monitor affected assets’. This was followed by another statement, ‘The team has contacted the exploiter to offer the maximum bounty’. 

Qubit then released another Tweet the following day on January 29, appealing to the hackers once more and offering their side of the bargain. This includes immunity from legal action along with a hefty sum that will be given to them if the $80 million is fully returned. 

‘We propose you to negotiate directly with us before taking any further action. The exploit and loss of funds have a profound effect on thousands of real people. If the maximum bounty offer is not what you are looking for, we are open to have a conversation. Let’s figure out a solution’, the tweet reads. 

Soon after, a bounty of $1 million was released, and it was increased to $2 million two days later. These terms still include immunity from legal action, but no additional updates were released after that. 

As of now, the Qubit platform has announced that a website is being created to help users keep track of their losses in relation to the incident. It should also allow users to get access to their wallets and essential documents, along with contacting the authorities if need be. 

This new platform has yet to launch, but the Qubit platform has said that it might take up to 3 days. For now, the DeFi platform and the team behind it have yet to announce any more additional information on the case.

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