On February 11, the Bunny Finance team revealed that the Qubit exploit, which resulted in an $80 million loss, had made the team unable to work at full capacity. As a result, they have decided to disband the protocols and delegate authority to the community.

X-bridge, a Qubit bridge, allowed token swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The attacker exploited a “logical error” in the X-Bridge smart contract, allowing them to withdraw tokens from the BSC chain without depositing any on Ethereum.

The hacker stole 77,162 qXETH valued $185 million and used it as collateral to borrow $80 million from lending pools. The borrowed tokens totaled $37.6 million in Wrapped Ether (wETH), 767 BTC-B ($28.5 million), $9.5 million in stablecoin, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDX tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

BSC

DAO

hack

Qubit Finance

Author

Victor

Related Posts

• Swift, UBS, Chainlink Complete Pilot for Global Tokenized Fund Settlement Network
• Goldman Sachs, JPMorgan Chase Eye Crypto Clients as IPO Prospects Surge
• Trump Team Considers Robinhood Chief Legal Officer For SEC
• Ethereum Whale Sells 15,000 ETH Worth $39.38M on Kraken
• Upbit Expands Solana DEX with New DRIFT Trading Pairs
• Vitalik Buterin Recently Deposited 2.09M STRK on Binance
• Solana Optimistic Network Unveils Exciting SOON Testnet for Public Trials
• OpenSea New Version Will Be Launched In December

News

Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11

On February 11, the Bunny Finance team revealed that the Qubit exploit, which resulted in an $80 million loss, had made the team unable to work at full capacity. As a result, they have decided to disband the protocols and delegate authority to the community.

The team would like to clarify;
– We will not disband the team. Just restructuring.
– We will keep compensating for all losses.
– We will keep tracking the exploiter.https://t.co/Wz29qtx2bL

— Qubit Finance (@QubitFin) February 11, 2022

X-bridge, a Qubit bridge, allowed token swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The attacker exploited a “logical error” in the X-Bridge smart contract, allowing them to withdraw tokens from the BSC chain without depositing any on Ethereum.

The hacker stole 77,162 qXETH valued $185 million and used it as collateral to borrow $80 million from lending pools. The borrowed tokens totaled $37.6 million in Wrapped Ether (wETH), 767 BTC-B ($28.5 million), $9.5 million in stablecoin, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDX tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

Other Posts

Related Posts

[tptn_list limit="8" title_length="0" heading="0" show_date="0" daily="1"]