Hackers Steal $80 Million Worth Of Crypto From Qubit Finance

Hackers minted unlimited Xplosive Ethereum (xETH) to borrow on Binance Smart Chain (BSC).

Blockchain security company CertiK explained how the hackers stole funds and moved them to different accounts.

Decentralized finance (DeFi) which facilitates crypto-denominated lending outside traditional banking, has been a big factor in the increase in stolen funds and scams.

Qubit Finance acknowledged the hack, and said that the hackers stole 206,809 binance coins from Qubit’s QBridge protocol.

"The exploit and loss of funds have a profound effect on thousands of People" the company said in a message to the hackers.

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