“Well organised” hackers have been targeting Binance Smart Chain, stealing millions from the crypto ecosystem.
The platform’s Twitter account tweeted that there had been at least eight “flash loan” attacks against decentralised finance projects in recent days.
Defi projects allow tokenholders to earn attractive yields, but using unsecured flash loans, attackers have been able to manipulate the price of the tokens in the liquidity pools and drain them of funds.
There are >8 #flashloan hacks recently, we believe, an well organized hackers are targeting #BSC now. It is very challenging time for the BSC communty. We are calling for the actions for all the #dapps:
— Binance Smart Chain (@BinanceChain) May 30, 2021
In recent days BurgerSwap, Pancake Bunny and Belt Finance have all been targeted.
BurgerSwap Flash Loan Attack Details:
— BurgerSwap (@burger_swap) May 28, 2021
Attention Bunny Fam
Our project has suffered a flash loan attack from an outside exploiter.
We will be posting a post mortem, in depth analysis, but for the time being we would like to update the community as to how this happened.
— pancakebunny.finance (@PancakeBunnyFin) May 20, 2021
For those not familiar, Binance Smart Chain is a platform for decentralised apps run by crypto giant Binance.
It has emerged as a leading competitor to Ethereum, but the hacks are tarnishing its reputation.
Fastest growing business across any industry:
2017 – Binance
2021 – Binance Smart Chain hacks
— Alex Svanevik (@ASvanevik) May 30, 2021
The post Well organised hackers targeting Binance Smart Chain projects appeared first on Stockhead.
Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.