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Cryptocurrency theft: $80 million stolen

It is the biggest cryptocurrency theft of the year. Unknown people have managed to steal cryptocurrency worth $80 million from Qubit Finance. The online trading platform is offering two million US dollars as a reward for its return.

Cryptocurrency theft worth $80 million

Decentralized cryptocurrency trading platform Qubit Finance has fallen victim to the largest cryptocurrency theft in recent times. Unknown individuals have captured cryptocurrencies worth the equivalent of around $80 million, those affected admitted in a statement.

The theft was made possible due to a security vulnerability in the online trading platform’s code, and it happened when 0 Ether was deposited, allowing Binance coins worth $80 million to be withdrawn. This was confirmed by blockchain security firm Cetrik in a summary.

The incident occurred on Jan. 27, 2022, and marks the largest crypto theft so far in the young year. According to Cetrik, the loot is currently still at the address where the stolen cryptocurrency was transferred. Qubit Finance is currently still analyzing how such a critical vulnerability could have been exploited.

Two million US dollars for the return

At the same time, Qubit Finance is appealing to the thief or thieves to return the loot if possible.“We know you can run away with the 80 million US dollars. But think about a reward of 2 million US dollars. Also think about the affected people, families and stories,” appeals the company via Twitter.

Click here to display content from twitter.com

For those affected, the company is setting up a standalone website to provide an accurate overview of their own losses. In addition, a proof of the theft is to be able to be created there, in order to present this to the police authorities.

If the loot is returned, Qubit assures that it will not take any further action against the thieves and will not take any legal steps. For Certik, however, the theft shows two things above all: the importance of cross-chain bridges that ensure interoperability between blockchains and the importance of security between those very bridges:

“People need to be able to move their money between blockchains, but they need to be able to do it in the way that is not vulnerable to hackers who can steal more than $80 million.”There’s not much to add to that.

Simon Lüthje

I am co-founder of this blog and am very interested in everything that has to do with technology, but I also like to play games. I was born in Hamburg, but now I live in Bad Segeberg.

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It is the biggest cryptocurrency theft of the year. Unknown people have managed to steal cryptocurrency worth $80 million from Qubit Finance. The online trading platform is offering two million US dollars as a reward for its return. Cryptocurrency theft worth $80 million Decentralized cryptocurrency trading platform Qubit Finance has fallen victim to the largest … (Weiterlesen...)

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