Hackers have stolen cryptocurrency worth $80 million (roughly Rs 600 crores) from Qubit Finance, a decentralised finance (DeFi) platform, and the company is now pleading with the hackers to return the stolen cryptocurrency. The value of the stolen cryptocurrency makes this the largest hack of 2022 to date.
In a tweet on Friday, Qubit Finance acknowledged the hack, saying that the hackers created an unlimited amount of Xplosive Ethereum (xETH) to borrow on Binance Smart Chain (BSC). “The team is currently working on next steps with security and network partners,” it said. The Qubit Finance team made a direct appeal to the hacker, requesting that they negotiate with the team in order to minimise the Qubit community’s losses.
The company contacted the hacker and offered them the maximum bug bounty in exchange for a return of the funds. Qubit provides a service known as a “bridge” between different blockchains, meaning that deposits made in one cryptocurrency can be withdrawn in another.
According to Crypto Briefing, several DeFi projects have been hacked since the launch of Binance Smart Chain (BSC) in 2020, including a $50 million hack on Uranium Finance in April last year and a $88 million hack on Venus Finance in May. DeFi is a new financial technology that is based on secure distributed Blockchain ledgers, similar to those used by cryptocurrencies.