Is the hadith true which states that the worshipper from the Children of Israel whose adornment effaced his sixty years of worship was forgiven because of a loaf of bread he gave in charity?

The hadith referred to was narrated by Ibn Hibban in his Sahih. Al-Albani said about it in Silsilah ad-Da'ifah (6875) and Da'if at-Targhib wa at-Tarhib (1435): "Extremely denounced (munkar jiddan)." Indeed, there are texts indicating that good deeds can be nullified by evil deeds.