On March 2024, IT was exploited in a business logic flaw, resulting in approximately $13K in losses. That makes the IT exploit the 368th largest DeFi incident out of 690 documented in our archive.
A threat actor has used an exploit to steal approximately $80 million from Qubit Finance, a decentralized finance (DeFi) platform that allows users to loan and speculate on cryptocurrency price variations.
Attack Mechanics: How the IT Business Logic Flaw Played Out
Exploit Class Applied to IT
The IT incident on March 13, 2024 is classified as a Business Logic Flaw. A business-logic bug in the contract — such as an incorrect formula or missing state update — lets the attacker withdraw more than their share. In the full archive, IT is 1 of 144 documented business logic flaw incidents.
IT in Context
At $13K, the IT exploit is a minor (<$1M) event compared to the largest same-class incident in our archive — – EulerFinance (2023) at $200M.
Prior Business Logic Flaw Before IT
The nearest business logic flaw incident before IT was BBT, 1 day earlier on March 12, 2024. The same exploit class surfaced again within the business logic flaw attack surface.
Impact & Recovery for IT
IT Loss Figure
The IT exploit caused $13,000 in losses — a minor (<$1M) incident and the 106th largest of 188 documented in 2024.
Where IT Sits Among Business Logic Flaw Attacks
Ranked by loss size, IT is the 82nd largest of 144 business logic flaw incidents documented. That puts the IT loss below the class average of $6.08M.
Timeline Since the IT Incident
The IT exploit occurred 2.1 years ago (762 days). The contract, its fork-block, and the attack transaction remain on-chain and forensically reproducible.
FAQ
How much did IT lose?
The IT exploit in March 2024 resulted in $13,000 in losses — the 106th largest of 188 DeFi incidents that year.
When did the IT hack happen?
The IT exploit was recorded on March 13, 2024 — 762 days ago.
What type of exploit hit IT?
The IT incident is classified as a Business Logic Flaw. A business-logic bug in the contract — such as an incorrect formula or missing state update — lets the attacker withdraw more than their share.
How common is the Business Logic Flaw pattern seen at IT?
Our archive contains 144 documented business logic flaw incidents. The IT incident is one of them.
How does IT compare to the largest Business Logic Flaw attack?
The largest business logic flaw incident in our archive is – EulerFinance (2023) at $200M. The IT loss is $13K.
How are IIoT devices authenticated and authorized in the proposed system?
Through the use of digital certificates and secure communication protocols, ensuring that only verified devices can participate in the manufacturing process.
What is the main goal of comparing DAG-based DLTs to blockchain platforms?
To evaluate their performance in terms of transaction throughput and network latency.