Binance Smart Chain (BSC) decentralized apps have suffered a series of flash credit attacks in recent weeks. According to data collected by Rekt, over the past 30 days, BSC has lost a total of $167 million from these flash credit attacks.
Binance Smart Chain attacks intensify
Numerous BSC data applications were breached during the month of May and flash credit attacks became a huge problem for Binance Smart Chain (BSC). These flash loans allow people to borrow crypto without giving up any collateral.
The lender uses the trigger method to sell the decentralized finance (DeFi) applications associated with oracles at the desired spot price. Sometimes hackers take advantage of fake ERC20s and other malicious methods during flash credit enforcement to siphon missing liquidity pools.
There have been numerous reports of BSC flash loan attacks in a short time that have drawn funds from projects like Pancakebunny, Belt Finance, Spartan, Fog Finance and Burgerswap.
Who lost the most and the least?
Statistics from Rekt show that $167 million in flash credit attacks in May exploited BSC dapps.
Pancakeswap lost a total of $200 million according to initial reports, but the BSC dapp team noted that the hackers only managed to steal around 114,600 BNB ($45 million).
Bearn lost $11 million. Autoshark, on the other hand, lost the least amount of funds, with $740,000 worth of BSC-based tokens shifted.
Flash credit attacks are a big problem for a wide variety of DeFi protocols. Since the ETH-based protocol Bzx was hacked, this method is a common practice among hackers.