Crypto outfit Qubit Appeals to the Honour of Thieves who lifted $80M

[upnorth]

Content source

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

Another week, another crypto upstart admitting its lax security has been exploited and parties unknown have made off with millions. But this time there's a twist: the crypto upstart has appealed for the return of its assets by appealing to the thieves' consciences.

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. Because the attack used Qubit's protocols, it appears to have left a trace on the blockchain.

The firm's response to the incident is twofold. One effort aims to help victims by creating a website on which they can download records of their holdings being stolen, for presentation to police. The Register wishes those whose coins were purloined the best of luck when they visit the local constabulary with that documentation. 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.

Crypto outfit Qubit appeals for return of $80M coin heist

Offers $2 million bug bounty and hopes perps see that record payout, and a clean conscience, as reasons to sacrifice $78m

www.theregister.com