Security News > 2022 > January > Crypto outfit Qubit appeals to the honour of thieves who lifted $80M of its digi-dollars

Another week, another crypto upstart admitting its lax security has been exploited and parties unknown have made off with millions.

The crypto concern is Qubit Finance - an outfit that offers decentralized lending and borrowing and operates under the motto "Lend to ascend - Borrow for tomorrow."

Last Friday Qubit admitted one of its protocols had been exploited in unintended ways, with the result that attackers made off with $80 million of crypto assets.

The other is the offer of a $2 million bug bounty, on the condition the exploiter will return $80 million of stolen coin.

Quick back-of-the-envelope calculation: Qubit is asking the exploiter to forgo $78 million.

Between the threat of security experts on their tail, and the evidence Qubit has found, The Register fancies whoever exploited the protocol may well be weighing the chance to score $2 million of clean bounty cash against the complexities of turning $80 million of marked digi-dollars into something more fungible.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/01/31/qubit_bug_bounty/