Home Blockchain 'Quantum-Resistant' Blockchain QANplatform Suffers Bridge Hack for Over $1 Million – Decrypt

'Quantum-Resistant' Blockchain QANplatform Suffers Bridge Hack for Over $1 Million – Decrypt

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Layer 1 blockchain QANplatform, which touts itself as immune to assaults aided by quantum computing energy, was immediately the goal of a bridge hack that resulted within the theft of 1.4 billion QANX tokens (simply over 1,000,000 {dollars}). 

Blockchain safety firm Peckshield was the primary to flag the assault in a QANplatform-tagged tweet early Tuesday morning. The preliminary heist looted over 1.4 billion QANX tokens, in line with Etherscan, and was adopted by extra smaller transactions to the identical tackle, this time sending 28.6 million QANX, or roughly $20,500. 

Shortly after Peckshield acquired in contact, QANplatform tweeted its personal announcement, asking individuals to not carry out any transactions with $QANX. A follow-up tweet stated that each one buying and selling, withdrawals, and deposits on centralized exchanges had been paused. 

Decrypt reached out to a consultant from Peckshield who defined the attacker’s steps: “The exploiter withdrew ~1.4B QANX from the deployer’s tackle and swapped it for ~3,090 $BNB ($837.5k) and ~256 $ETH ($328k). As an example it’s about $1.2 million in complete.”

Peckshield additionally confirmed it was not investigating the theft with QANplatform.

QANplatform joins record of bridge hacks

Blockchain bridges, which join completely different blockchain ecosystems, have turn into a standard goal amongst crypto hackers. Earlier this yr, Axie Infinity developer Sky Mavis was the goal of one of many largest hacks of all time. 

On March 23, the attackers drained 173,600 Ethereum and 25.5 million USDC stablecoins from the bridge connecting Sky Mavis’s customized Ronin sidechain to Ethereum. The historic $622 million theft wasn’t found till March 29, nevertheless.

Within the wake of the assault, common change Binance led a $150 million funding round to reimburse victims. Contributors included Animoca, the corporate behind the favored crypto recreation The Sandbox, and tech enterprise capital agency a16z. 

One other Binance-affiliated entity was final week the goal of one other colossal bridge hack.

On Friday, attackers have been in a position to steal $100 million in cryptocurrencies from the “cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Good Chain (BEP20 or BSC),” in line with an official post.

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