Bunny And Qubit Protocols finalized the most important move after a terrible $80 Million bug exploit. This unfortunate exploit occurred on the ETherum BSC Bridge.
Let’s Deep Dive Into What Bunny, And Qubit Protocols finalized After $80 Million Bug Exploit?
On Feb. 11 the Bunny and Qubit developers’ team have revealed that they faced an incredible loss of $80 Million after a bug attack. And after this sad incident, the team finalized the most important move. And that is turning into a Decentralized autonomous organization (DAO).
The team of the Bunny finance posted this news on medium. Through the post dubbed after the $80 Million worth loss, it is hard for the developers’ team to operate at full scale. Consequently the bunny, and Qubit Protocol that previously run by the developer’s team. Now ruled by the community members.
Bunny And Qubit Protocols Hacking:
As per reports, the hackers arranged to theft 77,162 Qubit xETH (qXETH) valued at $185 million. Then used it in borrowing some digital assets, from the lending pools that were worth $80 million.
The hackers borrowed the digital tokens were 15,688 Wrapped Ether (wETH) worth $37.6 million, 767 Bitcoin BEP2 (BTCB) ($28.5 million), $9.5 million value of Stablecoins, and $5 million value of PancakeSwap (CAKE), Pancake Bunny (BUNNY) and MDEX (MDX) digital tokens.
New Changes By Developer Team:
After converting into a Decentralized Autonomous Organization(DAO). The whole authority of upgrading contracts, and upgrading the fee structure will be transferred to community members.
Regretfully the bunny protocol team told that now the users will experience many new changes. As the initial roadmap has been discarded.
New changes will apply by the team when turning the Bunny And Qubit protocols into DAO. Like the team will close the vaults on Bunny. This means that bunny tokens will not be available for minting on Bunny vaults.
As well, the team will also, close leveraged farming vaults, and single farming vaults. Which were used for borrowing assets from Qubit.
Moreover, the team said that the main fee structures will be no longer operated, barring unstaking, and compounding fees. Besides it, the development team further said that the team tokens will be locked in the smart contracts, as well as the profit produced by the smart contracts will be dedicated to the compensation pool.
The team has also decided that new markets will be inaugurated on Qubit. While the existing affected markets will be eliminated.
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Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.
