February 25, 2024

This hack occurred on the ETH BSC. The anonymous hacker was able to siphon 80 million dollars in tokens after using the pledge of $185M. 

The group behind developing the protocol for Qubit and Bunny has decided to do away with the old policy. They have decided to switch to a DAO system of approach.

An official statement made on the company’s account on a medium last week Friday. In the post, the financial group of Bunny announced that the company was having a hard time operating at full potential because of the 80 million dollars theft on Qubit. They decide to do away with the existing policies and give power to the community. 

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Cointelegraph reported that X-bridge was responsible for swapping tokens to BSC from ETH (Ethereum). There was an error in the smart contract of the bridge. This error that the anonymous hacker capitalized on allowed them to make withdrawals on the platform without depositing ETH.

Details Of What was Stolen By The anonymous hacker stole 77,162 qXETH, which amounts to $185M. This was then used as pledge by the anonymous individual to borrow lots of assets from various lending pools. 

The amount loaned amounted to 80 million dollars. Some of the loaned tokens are stablecoin which amounted to $9.5M 15,688 wETH (wrapped ether), equal to $37.6M, and 767 BTC-B, which is $28.5 M, and about $5M of BUNNY, MDX tokens, and CAKE. 

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From the statement released by the Finance company, decision-making has been handed over to the community. The community will also handle changing fees on the platform and upgrading contracts. To switch to DAO, the group has closed the vaults on Bunny that will not take part in minting the native coin of the platform. Single assets and leveraged farming vaults will also be shut down on Qubit. These vaults were previously used for the borrowing of assets. 

Furthermore, the group in charge of development has held all fee structures. To start afresh, the group has chosen to get rid of the old market and launch a new call.

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Also, the tokens on the platform will be kept in a smart contract for the community. Any profit that is realized will be used as compensation. Those who would form part of the group for the DAO are the existing group members.

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