The latest victim to the hacking spree is Qubit Finance. Qubit is a decentralized money market platform. In a recent tweet, the announcement was made public confirming the hack:
Qubit added in the tweet that the hacker, borrowed on BSC, minted unlimited xETH. The team is currently working with security and network partners on the next steps. At the time of writing, the exploiter address currently holds 206,809.5 BNB valued at $80,264,866.
Qubit went out and tweeted about the latest updates regarding the hack. “The team continues to track the exploiter and monitor affected assets.” They also mentioned that the team had contacted the exploiter to offer the maximum bounty.
Largest De-Fi hacks
According to Halborn, De-Fi hacks accounted for the most major hacking in 2021. The ten significant hacks include Pancakebunny ($45 million), uranium finance ($50 million), belt finance ($50 million), bzx ($55 million), easyfi ($59 million), badger ($120 million), paid network ($127 million), cream finance ($130 million), compound finance ($147 million) and poly network ($610 million). Qubit’s recent hack of $80 million was added to the list.
A full stop for the hacks?
The hackers have come a long way from hacking crypto exchanges to trezor wallets. Even though the security measures increase to secure the funds, the hackers find a loophole to get through it. Then a question arises about how to safeguard your funds.
The risk to your digital assets is mostly through cryptocurrency wallets (digital wallets) or exchange companies. A crypto wallet does not store your digital money but instead contains a private key, which allows you to exchange crypto online. This private key is your digital identification to the cryptocurrency market, and anyone who gets hold of this can make fraudulent transactions or steal your cryptocurrencies.
Cybercriminals utilize advanced tactics to hack digital wallets and steal/transfer crypto assets without the user’s awareness. Securing your wallet is vital when it comes to securing your digital money against hacks. Avoid falling for scams, phishing, and constantly changing your password to secure your funds. If you use a cold wallet, write down your key and safeguard it.