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. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

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.

Industry City | 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.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025

article-image

“Why put a target out there that’s really speculative, not knowing exactly where this environment is going to go?” CarMax CEO Bill Nash said

article-image

While the head of Base may support legal sex work, Coinbase policies prohibit said workers from using its exchange.

article-image

EVM bottlenecks fundamentally hold back Ethereum’s scalability

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.