Bunny Finance and Qubit’s development team has chosen to break the protocol and turn it into a decentralised autonomous organisation (DAO). The Bunny Finance team announced that the Qubit exploit, which resulted in an $80 million loss, has rendered the team unable to operate at full capacity. As a result, they’ve decided to break the procedures and turn control over to the people.
Token exchanges from Ethereum (ETH) to Binance Smart Chain were made easier thanks to the Qubit bridge X-bridge (BSC). The attacker used a “logical error” in the X-Bridge smart contract to withdraw tokens from the BSC chain without having to deposit them on Ethereum.
The hacker was able to borrow $80 million in assets from the lending pools using $185 million in qXETH as collateral. Among the borrowed tokens were 15,688 Wrapped Ether (wETH) worth $37.6 million, 767 BTC-B worth $28.5 million, $9.5 million in stablecoin, and $5 million in PancakeSwap (CAKE), Pancake Bunny (BUNNY), and MDX tokens.
The community will make critical decisions in the future, such as contract improvements and price structure modifications, according to the official statement.
In order to move the protocols to DAO, the development team has shut off vaults on Bunny, which will no longer mint the native token. The team is also working on decommissioning leveraged Farming Vaults and Single Asset Vaults on Qubit, which were used to borrow assets.
It’s a wrap for this story.
