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.
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
Author
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.
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
Latest
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Press Release
Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
