DeFi Platform Qubit Will Be Taken Over by DAO Following $80M Loss

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The developers of the DeFi protocols Qubit Finance and Bunny Finance have just announced they will transfer the project management to a decentralized autonomous organization (DAO).

At the end of last month, an unknown attacker stole about $80 million in digital assets from the Qubit pool. According to the statement, the team invested about $10 million in the protocol, which accounted for the entire operating capital. The blog reads:

“Due to a terrible incident, it became impossible to support an overgrown development team. As a result, the Bunny and Qubit protocols, which she mainly led, will be managed by a DAO.”

In addition to transferring the project management to the community, the developers will make changes to the structure of commissions and rewards, close the markets affected by the hack. Bunny vaults will stop issuing BUNNY tokens.

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