Qubit Finance, a decentralized finance (DeFi) platform that allows users to lend and speculate on cryptocurrency price fluctuations, has been hacked.
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On January 27, hackers stole 206,809 Binance coins worth $80 million, according to the platform.
The day after the hack, on January 28, Qubit Finance said it was in contact with the hackers and offered them a bonus to return the stolen money.
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But it seems they rejected the platform's initial offer as the platform increased the bonus to $1 million.
On Sunday, the Qubit Finance platform took to Twitter again to plead with the hackers to bring back the loot.
How did the crypto hack happen?
“The Qubit protocol was subjected to an exploit of the QBridge deposit function,” the platform explained in a post on Medium.
“For non-technical readers, essentially what the attacker did was exploit a logic error in the platform’s code that allowed them to insert malicious data and withdraw tokens to the Binance Smart Chain when none were deposited to Ethereum,” blockchain security firm CertiK explained.
In addition to lending and borrowing services, Qubit Finance operates an Ethereum-BSC bridge, an infrastructure that connects blockchains. It was this bridge that was targeted.
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This is the seventh largest hack in the recent history of DeFi, which is considered the future of financial services, according to DeFiYield. The largest hack remains the theft of $602 million from the Poly Network platform in September 2021.
In total, nearly $3 billion in cryptocurrencies have been stolen from DeFi platforms.
Source of information: thestreet.com
