In what has been called the biggest cryptocurrency heist of 2022, Cypriot criminals have stolen $ 80 million crypto assets (Rs 600 crores approx.) From a fixed financial platform (DeFi) Qubit Finance. According to ZDNet, the company contacted an cyber criminal and offered them a huge distraction bonus when they returned the money.
In a tweet, Qubit Finance admitted the robbery, and claimed that the criminals had stolen 206,809 coins in the Qubit's QBridge protocol. "The team is currently working with security and network partners in the next steps," he wrote.
The company specifically appealed to the gang, asking them to negotiate with the team to reduce losses in the Qubit community. “We suggest that you consult with us directly before taking any further action. Exploitation and loss of money have a profound effect on thousands of real people. If the top bounty offer is not what you want, we are open to chat. Let's find out, ”wrote the Qubit Finance Team.
Blockchain security company CertiK explained how the hackers stole the money and took it to different accounts. "For non-technical students, it basically made the attacker take advantage of a logical error in the Qubit Finance code that allowed them to enter malicious data and withdraw tokens from Binance Smart Chain while not being installed on Ethereum," explains CertiK.
Qubit is a DeFi platform that works with different blockchains, which means that money invested in one cryptocurrency can be transferred to another. Qubit Finance uses the bridge between Ethereum and the Binance Smart Chain (BSC) network.
In a recent report, research firm Chainalysis revealed that fraudsters had released more than $ 14 billion of victims by 2021 — a 79 percent increase from $ 7.8 billion by 2020. of cryptocurrencies, most of which are held by cryptocurrencies related to cryptocurrency crimes.
It should be noted that rising interest rates (DeFi) making crypto-denominated loans outside of traditional banks have been a major factor in the increase in stolen funds and scams. The company says hackers are very sensitive to DeFis, with another warning for players in this emerging segment of the crypto industry.
"DeFi is one of the most exciting cryptocurrency ecosystems, offering great opportunities for entrepreneurs and cryptocurrency users alike," Chainalysis wrote in its annual Crypto Crime report.
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