How North Korea-linked cybercriminals hacked Qubit

May 12, 2023

Qubit was a South Korea-based DeFi lending protocol built on the BNB chain. Qubit also ran an associated protocol, the QBridge, that allows users to use assets on other chains as collateral to borrow against on Qubit, without actually moving those other assets onto BNB Chain. Let’s take a look at how the Qubit hack unfolded. How Qubit was hackedThe exploit the Qubit hackers discovered allowed them to mint unlimited qXETH — an asset meant to represent Ether bridged from the Ethereum blockchain — from the QBridge, without actually depositing any Ether. Fighting the North Korean crypto hacking threatWhile North Korea-linked hackers are undoubtedly sophisticated and represent a significant threat to the cryptocurrency ecosystem, law enforcement and national security agencies’ ability to fight back is growing.