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.
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