The company is now begging hackers to return the stolen cryptocurrency. The price of the stolen cryptocurrency makes it the biggest hack of 2022 so far.
According to reports, the company is now “begging” hackers to return the stolen cryptocurrency. The price of the stolen cryptocurrency makes it the biggest hack of 2022 so far.
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- Last Update:29 Jan 2022, 15:20 IST
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Hackers have stolen $80 million (about Rs 600 crore) of cryptocurrency from decentralized finance (DeFi) platform, Qubit Finance, and the company is now begging the hackers to return the stolen cryptocurrency. The price of the stolen cryptocurrency makes it the biggest hack of 2022 so far.
Qubit Finance acknowledged the hack, and said in a tweet on Friday that the hackers mined Unlimited Explosive Ethereum (xETH) to borrow on Binance Smart Chain (BSC). “The team is currently working with security and network partners on the next steps,” the Cubit Finance team appealed directly to the hackers, asking them to negotiate with the team to minimize the damage to the Qubit community.
The company contacted the hacker and offered him the maximum bug bounty in exchange for a refund. Qubit offers a service known as a “bridge” between different blockchains, meaning deposits made in one cryptocurrency can be withdrawn in another.
According to Crypto Briefing, since the launch of Binance Smart Chain (BSC) in 2020, several DeFi projects have suffered hacking, including a $50 million hack on Uranium Finance in April last year and Venus Finance in May. The $88 million against hacking is involved. DeFi is an emerging financial technology based on the secure distributed ledger blockchain used by cryptocurrencies.
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