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News

Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11

February 11, 2022 - Around 1 mins mins to read
Bunny Finance qubit dao
Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11 3

On February 11, the Bunny Finance team revealed that the Qubit exploit, which resulted in an $80 million loss, had made the team unable to work at full capacity. As a result, they have decided to disband the protocols and delegate authority to the community.

X-bridge, a Qubit bridge, allowed token swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The attacker exploited a “logical error” in the X-Bridge smart contract, allowing them to withdraw tokens from the BSC chain without depositing any on Ethereum.

Bunny Finance qubit dao
Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11 4

The hacker stole 77,162 qXETH valued $185 million and used it as collateral to borrow $80 million from lending pools. The borrowed tokens totaled $37.6 million in Wrapped Ether (wETH), 767 BTC-B ($28.5 million), $9.5 million in stablecoin, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDX tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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News

Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11

Bunny Finance qubit dao
Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11 7

On February 11, the Bunny Finance team revealed that the Qubit exploit, which resulted in an $80 million loss, had made the team unable to work at full capacity. As a result, they have decided to disband the protocols and delegate authority to the community.

X-bridge, a Qubit bridge, allowed token swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The attacker exploited a “logical error” in the X-Bridge smart contract, allowing them to withdraw tokens from the BSC chain without depositing any on Ethereum.

Bunny Finance qubit dao
Qubit Finance Decided To Disband The Protocol And Turn It Into a DAO, Announced On February 11 8

The hacker stole 77,162 qXETH valued $185 million and used it as collateral to borrow $80 million from lending pools. The borrowed tokens totaled $37.6 million in Wrapped Ether (wETH), 767 BTC-B ($28.5 million), $9.5 million in stablecoin, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDX tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

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