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Belt Finance Loses $6.3 Million – Bitcoin News

Belt Finance, a Binance smart chain-based decentralized lending agreement, lost $ 6.3 million in a sudden debt attack last week. The attackers took advantage of a series of inefficiencies in smart contracts to manipulate the set price and profit from a series of transactions. This is the last of a series of attacks that pointed to the Binance Chain protocol because of their vulnerabilities.

Belt Finance lost $6.3 million in flash loan attack

Belt Finance, a lending and lending protocol that operates on the Binance smart chain, suffered a flash attack last week, causing more than $6 million in losses. The attack, which used Pancakescape as a tool for executing its strategy, used several operations to manipulate its Belt / BUSD pool, a static token in the protocol, and profit due to this inefficiency. Belt finance team announced in postmortem Report good That attackers managed to exploit this bug eight times before they could be detected.

The Belt Finance team immediately suspended withdrawals and deposits in the affected pools, claiming that the attack vector used for the attack has been corrected after the attack. In addition, they are studying how to reimburse users affected by the incident. The team declared:

We are currently working to create a fair and comprehensive compensation plan for those affected by the snapshot of the accounts affected by this attack. We will issue a compensation plan within the next 48 hours, which is the time frame required for us to obtain and view all logs, to see exactly what users need to receive compensation.

The team also denied allegations and rumors of a token sale by members of Belt Finance. While some points towards possible rug pulling, Equality Along with other attackers it might believe that this is yet another flash loan attack directed to the poorly secured Binance Smart Chain (BSC) protocol.

not the first time

The BSC network has become a magnet for sudden loan attacks in recent times. This month, PancakeBunny, another liquidity protocol in the chain, also had to face An attack caused him three million dollars in damage, and a similar project, Bogd Finance, lost nearly the same amount in a flash loan attack. In addition, the Defy Protocol BurgerSwap was siphoned into A7 for $ 7.2 million. flash loan attack.

This has led developers to believe that the BSC is an organized group targeting the protocol. This is the official account of Binance Smart Chain declared On Twitter, advising these protocols to be vigilant for such an attack and to work with audit companies to double-check their code for vulnerabilities.

What do you think about the recent attack on Belt Finance? Tell us in the comments section below.

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