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Binance Smart Chain project hack leads to theft of $139 million

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Source: Pixabay

Another day, another hack on the Binance Smart Chain. The decentralized transaction protocol BXH was attacked on Binance Smart Chain [BSC].

Although the method of the attack is not known yet, the BXH team noted that assets on HECO, OEC, and Ethereum were safe. In order to practice caution, the project suspended the deposit and withdrawal service. BXH noted,

As the blockchain urged the centralized exchanges and decentralized finance [DeFi] providers to blacklist and freeze the mentioned addresses, the team was working with BSC security and security firm, PeckShield.

Initially, Wu blockchain had reported at least 4,000 ETH [equivalent to $17.29 million at the current price of ETH] being stolen from the BXH blockchain. However, after a while, blockchain security organization SlowMist investigated, to find that the loss was over $139.19 million.

Source: SlowMist

Previous BSC Ecosystem associated investigations have found flash loan attacks to be the most common. In fact, AutoShark Finance on BSC which was hacked just a day ago, also saw hackers attacking by a flash loan, resulting in a theft of $2 million.

Such attacks are not uncommon on the BSC and following the incessant hacks, some projects have come to a decision. PolyNetwork empathized with BXH and noted,

“In order to avoid further transfer, Poly Network will suspend cross-chain services related to stolen assets on #BSC, and other chains will not be affected.”

It added,

Similarly, O3Labs also announced suspending BSC cross-chain functionality.

While many from the community were troubled by such continuous attacks on the Binance platform, others commended the hackers and stated the “developers are (lagging) behind.”

BSC witnessed tremendous growth since its inception and although it offered a platform for small projects, security remained a major issue. As Binance puts in another $1 billion to support BSC’s growth, the team may have to refocus on keeping funds SAFU.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.