Well organised hackers targeting Binance Smart Chain projects

“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.

In recent days BurgerSwap, Pancake Bunny and Belt Finance have all been targeted.

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.

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.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *