DeFi Platform Qubit, a victim of a $80 million cryptocurrency theft, begs hackers to return its money

<p>The platform, which connects lenders and borrowers, is offering hackers $2 million in exchange for the loot.</p> <p>This is information that the crypto space could have done without. Qubit Finance, a decentralised finance (DeFi) platform that allows users to lend and speculate on cryptocurrency price fluctuations, has been hacked.</p> <p>According to the platform, on January 27, hackers stole 206,809 Binance coins worth $80 million.</p> <p>The day after the hack, on January 28, Qubit Finance said it was in contact with the hacker(s) and offered them a reward to return the stolen funds.</p> <p>However, it appears that they declined the platform's initial offer, as Qubit increased the bounty to $1 million.</p> <p>Qubit Finance does not say whether the hacker(s) followed up. On Sunday, the platform took to Twitter once more to plead with hackers to return the loot. "We'd like to offer the exploiter the highest bounty in history."</p> <p>How Did the Crypto Hack Occur?</p> <p>"The Qubit protocol was subject to an exploit to our QBridge deposit function," the platform explained in a Medium post.</p> <p>"For non-technical readers, the attacker essentially exploited a logical error in Qubit Finance's code, allowing them to input malicious data and withdraw tokens from Binance Smart Chain when none were deposited on Ethereum. All of this, despite a number of safeguards "CertiK, a blockchain security firm, explained.</p> <p>In addition to lending and borrowing services, Qubit Finance operates an Ethereum-BSC bridge, which is an infrastructure that connects blockchains. This bridge was the target.</p> <p>According to DeFiYield, this is the seventh largest hacking in the young history of decentralised finance (DeFi), which eliminates middlemen and is regarded as the future of financial services. The largest hack remains the theft of $602 million from the Poly Network platform in September 2021.</p> <p>In total, hackers stole nearly $3 billion in cryptocurrency from DeFi platforms.</p> <p>OpenSea, the eBay of t