QuBit Finance Hacked: Reportedly $80 Million Lost in the Exploit

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Key Takeaways: 

  • Earlier today, QuBit Finance had lost $80 million to an exploiter.
  • The attack address has been traced and shared by the platform. 

This morning, Peckshield took to Twitter to inform that QuBit Finance’s platform has been hacked, and $80 million has been drained. QuBit is a decentralised currency market platform that uses speed, automation, and blockchain security to proficiently and safely connect lenders and borrowers.

The attack address as reported by Blockchain journalist Wu Blockchain is 0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7. The attack address has transformed the stolen ETH, BTCB, DAI, and other assets to BNB and currently holds over  200,000 BNB worth almost $80 million. 

On looking up the hacker’s address, he converted all the stolen crypto assets into BNB and at the time of writing those funds are still hanging around in his wallet totalling to over $80 M. Further, the address also owns over 127,000 qXETH, out of which he/she has transferred 199 ETH to the Ethereum mainnet. 

Qubit Finance Hacker Address
QuBit Finance Hacker Address

QuBit has also shared a post acknowledging the attack and is currently sharing updates on the same. “The team is working with network and security partners to determine next steps”, says QuBit. After more than an hour, QuBit shared another update saying that it will continue to track the hacker so as to keep monitoring the “affected assets”. Furthermore, the QuBit team has contacted the hacker to recover the assets by offering “maximum bounty”. 

It would be interesting to see what would be the next steps of the exploiter, as he can now convert all the BNB to qXETH and send it to the Ethereum mainnet. Further, once he does that, he can slowly withdraw those funds through TornadoCash Proxy. Making it harder for people at QuBit to track it down.

Else, the exploiter can also take up the bounty and return the stolen funds. We believe that would be the best and safer option for them, as if someone is up for it, every single penny in crypto is traceable. It’s usually too much work that’s needed to put into this, and needs someone to go through the transaction history of all the assets transacting with TornadoCash at that particular time.

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!