2.9 trillion tokens drained from 1,400 wallets over a one-line bug
What makes Qubic look bad this time isn't that it got hacked, but how it got hacked. More than 1,400 wallets were emptied, with 2.94 trillion QU stolen—worth around $1.4 million. After digging around, it turned out the mainnet wallet seed phrases had been generated using JavaScript's Math.random()—a toy in programmers' eyes, not something you'd trust with a password. Yet it made its way onto mainnet, hitting everything from iOS browsers to older versions of the app.
But to give credit where it's due, the funds were recovered with some serious moves. The chain was frozen at tick 85371949. A full 87.1% of the stolen funds never left the chain and were pinned in place; the remaining 12.9% that went to MEXC was frozen by the exchange within an hour. The thief spent all night working, only to end up with a pile of dead coins. The fix came quickly too: version 4.26.4 switched to a cryptographically secure random number generator. The recovery plan is awaiting a vote by Computors, and there's no restart time yet. I'd give this damage-control effort a passing grade.
Here's something else more worth talking about: BTT. On the 16th, they transferred the coins from the first round of buybacks to a burn address. The funds for this round came 100% from network service revenue. The model they promised in early July has finally gone from a PowerPoint slide to on-chain transactions. Burning coins isn't unusual; what's unusual is that the money used to buy them came from real revenue.
A quick look at INJ: $8.49. The old-school DeFi project isn't dead; the money is just picking where to pile up.
There's one main theme in crypto this weekend: no matter how flashy the narrative, nothing beats a solid foundation. Qubic stumbled over randomness, then saved face with a fast damage-control response; BTT quietly keeps making each round of burns happen. Old Ma's little dog is cut from the same cloth—not the loudest barker, but the one steadily putting in the work. Tomorrow, keep an eye on Qubic's recovery vote. If the chain restarts soon, this incident could end up being remembered as a perfect drill.
🐶 Let's check out Old Ma's little dog ✨🚀
What makes Qubic look bad this time isn't that it got hacked, but how it got hacked. More than 1,400 wallets were emptied, with 2.94 trillion QU stolen—worth around $1.4 million. After digging around, it turned out the mainnet wallet seed phrases had been generated using JavaScript's Math.random()—a toy in programmers' eyes, not something you'd trust with a password. Yet it made its way onto mainnet, hitting everything from iOS browsers to older versions of the app.
But to give credit where it's due, the funds were recovered with some serious moves. The chain was frozen at tick 85371949. A full 87.1% of the stolen funds never left the chain and were pinned in place; the remaining 12.9% that went to MEXC was frozen by the exchange within an hour. The thief spent all night working, only to end up with a pile of dead coins. The fix came quickly too: version 4.26.4 switched to a cryptographically secure random number generator. The recovery plan is awaiting a vote by Computors, and there's no restart time yet. I'd give this damage-control effort a passing grade.
Here's something else more worth talking about: BTT. On the 16th, they transferred the coins from the first round of buybacks to a burn address. The funds for this round came 100% from network service revenue. The model they promised in early July has finally gone from a PowerPoint slide to on-chain transactions. Burning coins isn't unusual; what's unusual is that the money used to buy them came from real revenue.
A quick look at INJ: $8.49. The old-school DeFi project isn't dead; the money is just picking where to pile up.
There's one main theme in crypto this weekend: no matter how flashy the narrative, nothing beats a solid foundation. Qubic stumbled over randomness, then saved face with a fast damage-control response; BTT quietly keeps making each round of burns happen. Old Ma's little dog is cut from the same cloth—not the loudest barker, but the one steadily putting in the work. Tomorrow, keep an eye on Qubic's recovery vote. If the chain restarts soon, this incident could end up being remembered as a perfect drill.
🐶 Let's check out Old Ma's little dog ✨🚀