Cryptocurrency platforms are becoming increasingly popular, but they are also becoming targets for hackers. On Sunday, another cryptocurrency platform was hacked, resulting in the theft of $80 million. This is not the first time that a cryptocurrency platform has been hacked. In February, $500 million worth of cryptocurrencies was stolen from Bitfinex, a well-known cryptocurrency platform. Thefts like these have caused many people to question the safety of cryptocurrency platforms. Many experts believe that these platforms are not safe enough and that they should not be used by the general public. Despite these concerns, many people continue to use cryptocurrency platforms because they believe that they are safe. However, it is important to be aware of the risks involved and to make sure that you are using a reputable platform. ..
Qubit posted a report breaking down what happened, and the company was rapid to get it out. The event took place around 5 pm ET on January 27, 2022. The report on Medium was posted at around 3 am ET, which means it took the firm around 10 hours to acknowledge the hack completely.
However, as good as the response time is, Qubit didn’t mention that it would return lost funds to its users, which is what Crypto.com did when it suffered a similar theft.
As far as how the attack happened, Qubit says, “The attacker called the QBridge deposit function on the Ethereum network, which calls the deposit function QBridgeHandler … In summary, the deposit function was a function that should not be used after depositETH was newly developed, but it remained in the contract.”
Qubit also explained what actions it took:
The purpose of Qubit is to serve as a “bridge” that allows deposits to be made in one cryptocurrency and withdrawn in another. As such, there’s a lot of money moving through its service, which is why the attackers were able to steal such a large sum.
It appears that the company is offering a large sum to the attacker in the form of a bug bounty, which could lead to the funds being returned, but we’ll have to wait and see if that happens.
— Qubit Finance (@QubitFin) January 28, 2022
Perhaps the hacker will listen to the appeal posted on Twitter by Qubit because a significant theft like this could destroy the reputation of the service.
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