Binance Smart Chain News: Here we are again with the news of another DeFi protocol attack. Belt Finance, a project based on Binance Smart Chain, has been hacked.

 

Huge losses in Binance Smart Chain-based project

Rekt Blog, which publishes the DeFi attacks, gave sad news again today. Rekt Blog stated that the project named Belt Finance was attacked and that the attacker took advantage of a flaw in the way the protocol calculated the value of the collateral in their vaults, and emphasized that the loss due to the attack was $6.3 million.

Belt Finance uses an optimal return aggregator to offer passive returns to depositors. Elipsis operates as a decentralized exchange that enables the exchange of stablecoins with low spreads on Binance Smart Chain. The BeltUSD vault also uses capital in BSC-based protocols Venus, Alpaca and Fortube to generate returns.

SushiSwap core developer Mudit Gupta has looked into the matter, describing the flash credit attack as one of the “more sophisticated hacks.”

The attack on Belt Finance is neither the first nor the last. As it will be remembered, BurgerSwap DEX was hacked on May 28, and there was a loss of $ 7.2 million.

So far this year, projects named Cream Finance, Bearn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon and Spartan Protocol have suffered from the vulnerabilities in Binance Smart Chain. Binance has begun working with Blockchain intelligence firm CipherTrace for analytics support to reduce further attacks.

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