The attacker siphoned a number of tokens from Qubit’s bridge and Certik says the hack is “by far the largest exploit of 2022 to date.” DeFi Hack
The cross-chain bridge was exploited by the malicious attacker who managed to net 77,162 qXETH to borrow and convert the funds into other funds. Essentially, the hacker was able to leverage stolen coins to obtain “15,688 wETH , 767 BTC-B , approximately $9.5 million in various stablecoins, and ~$5 million in CAKE, BUNNY, and MDX.
A visual perspective of the stolen funds taken from Qubit’s Binance Smart Chain ↔ Ethereum cross-chain bridge via Certik. Data stemming from Dune Analytics shows there’s $11.79 billion total value locked on Friday. Polygon has the largest cross-chain bridge TVL with $5.1 billion. Certik’s post-mortem analysis stresses that as cross-chain tech grows bridge security will be very important.
“As we move from an Ethereum-dominant world to a truly multi-chain world, bridges will only become more important,” Certik’s analysis of Qubit’s losses concludes. “People need to move funds from one blockchain to another, but they need to do so in ways that are not susceptible to hackers who can steal more than $80 million dollars.”
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