Qubit Finance, a Binance Smart Chain Protocol company, was breached for $80 million.

Points

The protocol, which is based on BSC, has lost approximately $80 million.
The value of QBT tokens has crashed by 30% to an all-time low.
The hacker took advantage of a vulnerability in the protocol's Ethereum bridge.
In exchange for the stolen funds, the Qubit team has offered the hacker a $250,000 bounty.
It is the seventh-largest cryptocurrency hack in terms of total losses.

How Dit It Happened

A loophole in Qubit's Ethereum bridge enabled a hacker to steal 206,809 BNB from the company's lending pools.

A hacker exploited a vulnerability on the Qubit Bridge, a cross-chain bridge connected to Ethereum, on January 27 at around 21:36 UTC. Users can use this bridge to deposit WETH from the Ethereum mainnet into Qubit's Binance Smart Chain-based smart contract to generate xETH, which can be used as lending collateral on the protocol.

The hacker was able to mint xETH without depositing any WETH due to a critical vulnerability in the bridge's smart contracts, giving them the ability to take out unlimited leveraged loans from Qubit's pools.

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