The next high-profile DeFi attack has targeted Qubit Finance. The Binance Smart Chain protocol-based decentralised loan and borrowing platform has suffered a $80 million loss.
Hackers took 206,809 Binance Coin (BNB) from Qubit's QBridge protocol using their address. Meanwhile, the Qubit Finance team has issued a statement in reaction to the attack, informing its clients that the hacker and the stolen funds have been traced. The exploiter was also advised to negotiate before the corporation took any further measures, according to the article.
PeckShield, a blockchain security and data analytics firm, has disclosed that the hack was carried out in order to generate a large quantity of xETH (xplosive Ethereum) collateral. xETH is a hidden transaction wallet that improves the anonymity of Ethereum payments. The hackers devised a plan to drain all of the BNB held on QBridge.
Furthermore, CertiK, a blockchain security firm, pointed out that the deposit option in QBridge was vulnerable to hackers, who used it to create 77,162 qXETH assets in Qubit without permission. Hackers have exploited similar fraudulent operations numerous times to convert all compromised assets to BNB, according to the Rekt database, making it the seventh-largest breach in DEFI. Following the increase in those who trade crypto and fraudulent operations like as protocol exploits, rug-pulls and hacking have been prevalent. In addition, Crypto.com, a well-known to platform buy cryptocurrencies, claimed a loss of $34 million in cryptocurrency from 483 individuals. A total of nearly $19 million in Bitcoin and $15 million in Ethereum was also stolen. The problem also impacted a number of other coins.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards