Qubit Finance (QBT): tokenomics, risks and score
A BNB Chain lending protocol whose bridge was exploited for roughly eighty million dollars in 2022, after which it ceased operating.
What Qubit Finance is, and what it does
This asset has failed. It is recorded here so that a search returns what actually happened rather than promotional material that is still online.
What the QBT token itself does: It captures no protocol revenue. Any value rests on governance rights, on speculation, or on a change that has not happened yet.
Where it runs: BNB Chain. Mechanism: Lending protocol with a cross chain bridge. It has been running since 2021, so roughly 5 years.
The facts
- TICKER
- QBT
- SECTOR
- Failed and defunct
- CHAIN
- BNB Chain
- LAUNCHED
- 2021, so around 5 years of operating history
- MECHANISM
- Lending protocol with a cross chain bridge
- MAXIMUM SUPPLY
- Not meaningfully documented
- VALUE CAPTURE
- None
- UPGRADE CONTROL
- Team controlled
- VESTING
- Complete
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
A hard maximum supply that cannot be raised without the agreement of essentially every participant. The token captures no protocol revenue. Any value rests on governance rights, speculation, or future changes that have not happened yet.
The founding team retains control over upgrades or parameters. Ownership is heavily concentrated. A small number of wallets hold enough to determine the price on their own.
Where it is strong and where it is not
- None. The protocol was drained and ceased operating.
- A basic logic error allowed collateral to be minted without deposits
- Roughly eighty million dollars was drained
- The protocol did not recover and ceased operating
- Illustrates that audited code can still contain elementary errors
Incident history
A logic error allowed an attacker to register collateral without depositing, then borrow against it repeatedly, draining roughly eighty million dollars.
Our read
The main risk
Exploited through an elementary logic error and ceased operating. There is nothing here.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.