Losing $80 million worth of BNB tokens in a recent hack, Qubit Finance joined the unfortunate list of exploited DeFi protocols on Binance Smart Chain (BSC).
The DeFi lending protocol reported the incident in a Twitter post, revealing that the malicious attacker exploited a vulnerability on the Qubit Bridge–a cross-chain bridge to Ethereum.
What happened?
The Qubit team flagged the hacker’s address and published a detailed report which includes an analysis of the attack.
Protocol Exploit ReportThis report includes an analysis of the attack in its entirety in order to ascertain the nature of the exploit and, to prevent any similar exploits in the future.https://t.co/0152W0X553
— Qubit Finance (@QubitFin) January 28, 2022
QBridge enables users to deposit WETH from Ethereum mainnet to Qubit’s BSC-based smart contract, and mint xETH that can be used as collateral to borrow on BSC.
However, the attacker exploited the vulnerability and managed to mint unlimited xETH–without deposi
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