Qubic just halted its network after 1,404 wallets were drained of 2.94 billion QU (about $1.3 million) in just 104 minutes last night.
The most striking figure: 87.1% of the stolen QU was trapped on the network when the validators halted the chain; MEXC froze the account that received the stolen QU. The theft was effectively contained before the thieves could get away. MEXC and Bitget also suspended QUBIC deposits and withdrawals.
The cause is also noteworthy: it wasn’t a protocol flaw, but poorly randomized wallet seeds generated by older Apple software—the thieves were able to guess the recovery phrases.
I see this as a reminder about self-custody wallets: your funds are only as safe as the randomness of the recovery phrase generated when you create your wallet.
The story takes a different turn if Qubic returns the 2.94 billion QU to the victims. Do you think those QU will make it back to the people who were harmed, or will they remain trapped on the network?
$QU #News
The most striking figure: 87.1% of the stolen QU was trapped on the network when the validators halted the chain; MEXC froze the account that received the stolen QU. The theft was effectively contained before the thieves could get away. MEXC and Bitget also suspended QUBIC deposits and withdrawals.
The cause is also noteworthy: it wasn’t a protocol flaw, but poorly randomized wallet seeds generated by older Apple software—the thieves were able to guess the recovery phrases.
I see this as a reminder about self-custody wallets: your funds are only as safe as the randomness of the recovery phrase generated when you create your wallet.
The story takes a different turn if Qubic returns the 2.94 billion QU to the victims. Do you think those QU will make it back to the people who were harmed, or will they remain trapped on the network?
$QU #News