Binance Smart Chain (BSC) decentralized applications (dapps) have been hit by several flash loan attacks in recent weeks. According to data collected by Rekt, BSC has lost a total of $167 million from these flash loan exploits over the past 30 days.
Flash Loan Hackers Victimize Binance Smart Chain Dapps – $167 Million Scam in May
Flash loan attacks have become an issue for Binance Smart Chain (BSC) as there were innumerable breaches of BSC dapps in the month of May. Essentially, these flash loans give people the ability to borrow crypto without leaving any collateral.
A person using Flash Loans leverages the method to trigger decentralized finance (DeFi) apps linked to Oracle to sell at the desired spot price. Sometimes hackers take advantage of fake ERC20s and other malicious methods to use the DeFi liquidity pool during flash loan execution.
Now publication figures recto In May, BSC dapps were exploited by flash loan attacks worth $167 million. Pancakeswap suffered a massive loss of $45 million while the Spartans took in $30 million during an attack.
According to preliminary reports, Pancakeswap caused a total loss of $200 million, but the BSC dapp team noted that the hackers only managed to steal around 114,600. bnb ($45 million).
bern The stablecoin saw withdrawals of $11 million and Spartans noticed liquidity calculation discrepancies when $30 million was swiped by a flash loan attack. Autoshark lost the least amount of money with just $740,000 worth of BSC-based token swipes.
Flash loan attacks have been a major problem for various types of DeFi protocols. Ever since Bzx was an ETH-based protocol attacked This method has become a common practice among hackers.
While BSC is now receiving an increased share of flash loan attacks, Ethereum still gets hit once in a while. year finance had to face A flash loan attack in February resulted in the embezzlement of $11 million from the project.
What do you think about all the flash loan attacks on BSc during the last 30 days? Let us know what you think about this topic in the comment section below.
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