It seems like our digital enemies are evolving with the times. Many digital thefts are now surfacing in the metaverse, and who knows, maybe this will bring the idea of online coins to its knees.
It happened again! Qubit provides a service known as a “bridge” between different blockchains, effectively meaning that any deposits made in one cryptocurrency can be withdrawn in another.
According to an incident report, “a hacker exploited a vulnerability to steal over 206,000 Binance coins from the company’s protocol.”
As security firm CertiK explains, the attacker exploited “a logical error in Qubit Finance’s code that allowed them to input malicious data and withdraw tokens on Binance Smart Chain when none were deposited on Ethereum.”
Whatever that means. And to make matters worse, this isn’t the first time it’s happened.
Not to mention the most significant figure I have seen so far.
In October 2021, another decentralised finance protocol on the Binance Smart Chain suffered a hack and millions of dollars.
“The hacker stole close to $140 million,” says Crypto News.
Qubit, meanwhile, said it was tracking the exploiter and monitoring affected assets. And although it did not know the hacker’s true identity, it did manage to send its attacker a message:
So, how are they handling it? well, they are very politely, may I add, begging for it.
To be honest, if I were criminally minded in cryptocurrency and had stolen that amount from Qubit, I might be pleased holding out and seeing if the company could offer me a reward significantly closer to $80 million.
But hey! I m just saying IF I was. This statement is not a confession, by all means. Who knows how this will affect the digital space?