2022-01-31 13:39:12
Time Travelers,
The Qubit hack is a terrible thing that happened, nothing is confirmed yet, and it is still unknown what will happen to the funds, but we will act as the funds are lost until further notice.
Since bunny contracts emit the old TVL as nothing happened, at first glance we didn't see any impact on our TVL.
Our hearts are with everyone who suffered from this exploit, some of our team members among them. The situation now is that the Qubit team is trying everything within their power to revert the exploit. They have approached the hacker offering him a $1M bounty, they are also working with security firms trying to catch the people who are responsible, and they even approached Binance to look for a solution. Qubit vaults on pancakebunny are currently paused, meaning withdrawals and deposits are disabled, in our platform as well.
It is worth mentioning that the vault's selection process was based majorly on TVL, external audits, and internal audits we made. The contracts of the Qubit protocol passed our filters, but the bridge they added recently was not (which was discovered as the origin of the exploit).
There is a lot to learn from this incident for the growth of our protocol.
While we are working hard on Xangle DD and the Korean marketing campaign we couldn't track anything and that reminded us that we do need help.
Nice timing for the investment committee proposal to be concluded:
https://snapshot.org/#/revault.eth/proposal/0x9137083cebb95b969841db85116d958eec2d1d7eb0443a7937f4320670f3bf41
All proposals are always welcome.
We are tracking all the users who filled the form and we will continue to update on any news and event related to the exploit as soon as we can.
331 views10:39
R
