Growing pains? DeFi exploits plunder BSC, which calls for reinforcements
Binance Smart Chain is getting overrun by hacks, with CipherTrace brought in to keep the BSC-based DeFi platforms safe. Several decentralized finance (DeFi) protocols running on Binance Smart Chain (BSC) have fallen victim to major exploits in recent months as the sector continues to see substantial growth in 2021.Binance’s very own smart contract blockchain platform has seen a surge in demand since its launch in September 2021, due to its low fees and high throughput. This has allowed the Binance Smart Chain to appropriate a percentage of the DeFi market as platforms looked for an....
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The DeFi platform’s native token price dropped more than 60% following a compromise by an unknown party. Decentralized e-commerce platform Bondly Finance is the latest decentralized finance (DeFi) platform to suffer an alleged exploit. The developer team advised the DeFi community to stop trading Bondly, the platform’s native token, following a suspected exploit on July 15. Bondly Finance has yet to provide details regarding the attack, aside from being compromised by an unknown party. “Rest assure, we have already taken action and will be operating as usual as soon as possible,” the....
DeFi exploits have been the order of the day since the space began to gain prominence. For a relatively new space, this is not surprising that protocols have succumbed to exploits. However, the pace and the number of exploits that have since been hacked have been alarming. 2021 saw a new record in funds stolen […]
Paolo Ardoino reported Tether had frozen roughly $33 million in USDT from one of the affected addresses. In what may be the largest attack in decentralized finance, unknown hackers used an exploit on cross-chain protocol Poly Network to remove at least $610 million from three chains.According to a Tuesday update on Twitter, Poly Network said the attacks had removed assets from Binance Chain, Ethereum, and the Polygon network. Blockchain data from the respective networks shows the hackers stole roughly $273 million from Ethereum, $85 million in USD Coin (USDC) from the Polygon network, and....
Smart contracts governing DeFi platforms identified as a particular cause for concern for the enforcement agency. The U.S Federal Bureau of Investigation (FBI) has issued a fresh warning for investors in decentralized finance (DeFi) platforms, which have been targeted with $1.6 billion in exploits in 2022. In an Aug. 29 public service announcement on the FBI's Internet Crime Complaint Center, the agency said the exploits have caused investors to lose money — advising investors to conduct diligent research about Defi platforms before using them, while also urging platforms to improve....
DeFi protocol Impossible Finance is building a multi-chain incubator to expand out from BSC. Impossible Finance, a Defi protocol built on Binance Smart Chain, has completed a $7 million seed funding round backed by over 125 institutional and angel investors — with the funds going towards the development of a multi chain DeFi incubator. The seed round was led by venture capital firm True Ventures, and quantitative investment firm Alameda Research, blockchain development firm Hashed and investment firm CMS Holdings. Impossible Finance was launched on BSC on April 9, and the protocol....