DeFi Protocol Qubit Finance Loses $80M in Hack

Hackers stole 206,809 Binance Coin, roughly $80 million, from Qubit’s QBridge protocol, making it the seventh largest DeFi hack ever

article-image

Source: Shutterstock

share

key takeaways

  • “The exploit and loss of funds have a profound effect on thousands of real people,” the company said
  • Qubit is continuing to track the exploiter and monitor affected assets and has disabled a number of account management features until further notice

Hackers have stolen $80 million from DeFi protocol Qubit Finance, the firm confirmed on Friday. 

The attackers exploited the protocol to take 206,809 Binance coins through Qubit’s QBridge deposit function, making it the seventh largest DeFi hack ever, DeFiYield Rekt data shows. 

The QBridge protocol is an Ethereum-BSC (Binance Smart Chain) bridge that allows users to swap ERC-20 and BEP-20 tokens between the two blockchains. The protocol is implemented as a set of smart contracts built on top of the BSC.

The attacker essentially took advantage of a logical error in Qubit Finance’s code that allowed them to input malicious data and withdraw tokens on BSC when none were deposited on Ethereum, blockchain security firm CertiK explained

The decentralized money market platform tweeted a statement to notify the exploiter that they were aware of what was happening and proposed a direct negotiation before taking further action. 

Loading Tweet..

“The exploit and loss of funds have a profound effect on thousands of real people,” the company said. 

The team also contacted the exploiter to offer the maximum bounty as set by its program, it said in a post. It didn’t disclose how much the bounty would be, or if the hacker was receptive.  

Qubit is continuing to track the exploiter and monitor affected assets and has disabled a number of account management features until further notice. However, its claiming feature is still available, it said. 

“We are continuing to investigate and are in communications with Binance,” Qubit wrote. “Further updates and a full report will be shared as they become available.”

The company was not available for additional comment when requested by Blockworks. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

The L2 ecosystem has evolved into a complex landscape, with over $17B in market value and $50B in secured assets. While traditionally seen as high-beta plays on Ethereum, no L2 token achieved a beta higher than 1.0 relative to ETH in 2024. Furthermore, token dilution significantly impacted the sector, with a 1% increase in circulating supply corresponding to a 1.4% decrease in returns.

Key figures including Vitalik Buterin struggle to communicate the network’s core mission in an era of memecoin-minimized attention spans

article-image

World Liberty Financial has been busy buying crypto ahead of its launch

article-image

Trump’s token is setting the “tone” for crypto, Empire co-host Santiago Santos said

article-image

A pair of fundraises by Tapestry and Oh both came with expansive ideas about the future of AI and the role of humans in it

article-image

The Calamos Bitcoin Structured Alt Protection ETF — January is set to offer “systematic risk management” across its roughly one-year outcome period

article-image

Crypto industry elites (and a journalist or two) donned black tie at the Crypto Ball Friday night