Hackers stole 206,809 Binance Coin, roughly $80 million, from Qubit’s QBridge protocol, making it the seventh largest DeFi hack ever
The $300 million addition is expected to put it on an equal footing with other exchange venture operations
“We always look to work closely with our customers and regulators to address their security-related concerns,” Sam Bankman-Fried, CEO of FTX told Blockworks. “Our first priority is the users, and the same is true of Liquid.”
While devastating, hacks like Poly Networks can actually strengthen the ecosystem because they expose vulnerabilities, according to Michael Tant, an analyst at Inside and an angel investor.
The broader cryptocurrency market did not seem to have a significant reaction to the hack. Bitcoin and ethereum dipped slightly initially following the news, but were both trading in the green later in the day Tuesday.
Interoperability protocol Poly Network has been hacked with more than $600 million stolen in the largest decentralized finance security breach in history. The market remains stable, despite the news.