Qubic freezes chain after attacker drains 1.4K wallets with weak seeds
Qubic says 87.1% of the stolen funds remain onchain and the rest were frozen at crypto exchange MEXC, as network validators prepare to vote on a recovery plan.
Qubic, a layer-1 blockchain network, halted operations on Sunday following an attack that drained approximately $1.4 million from over 1,400 accounts. The vulnerability stemmed from weakly generated wallet seeds, affecting users who created seeds using browsers on iPhones or iPads, Safari on Macs, or the Qubic iOS app before certain dates.
According to Qubic, 87.1% of the stolen funds remain on the network and are frozen, while the remaining 12.9% were sent to crypto exchange MEXC. The exchange's team quickly froze the receiving account after approximately one hour. Qubic has addressed the flaw in its latest version of the web wallet and is now identifying affected wallets to prepare recovery options for a vote by the network's Computors.
The network's core team will publish a full technical report after a recovery plan is decided. Qubic is a fee-less blockchain that supports transactions and smart contracts, utilizing a unique consensus mechanism called Useful Proof of Work (UPoW) that repurposes mining energy for AI training.
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