This year’s biggest hack, hackers blew up $80 million in crypto

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New Delhi: Hackers stole $80 million in cryptocurrency from decentralized finance (DeFi) platform Qubit Finance. This is the biggest hack of the year so far. The company is now pleading with hackers to take it back so that the damage to the Qubit community can be minimized.

Providing information about this hack, Cubic Finance said the hackers minted Unlimited Xplosive Ethereum (xETH) to borrow on the Binance Smart Chain. The company said it is working closely with security and network partners. The Qubit Finance team has spoken directly with the hackers to help minimize the damage to the Qubit community.

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ransom offer
The company has approached the hackers and offered them a ransom in exchange for the funds. Qubit provides a bridge service between different blockchains. That is, if you deposit in one cryptocurrency, you can withdraw it in another cryptocurrency. Many DeFi projects have been hacked since the launch of the Binance Smart Chain in 2020.

Crypto Briefing Last April there was a $50 million hack in Uranium Finance. Then, in May, hackers blew $88 million in crypto from Venus Finance. DeFi is a new financial technology based on secure distributed blockchain ledgers. It is similar to what is used in cryptocurrencies.

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