Binance Smart Chain (BSC) tokens have recently been attacked via hackers. The newest exploit comes in the form of a flash loan attack on the Belt Finance platform.
Belt Finance (BELT) enables users to stability their asset positions and obtain maximum returns with minimal risk, adding automated vault composition and performance optimization strategies, as well as providing credit facilities to its users.
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The company announced on Twitter: “A partial budget of our group of 4Belt has been allocated (the exact amount will be announced soon). Lately we are analyzing and building our security contract. The payment plan and a destination draft report will be available. “soon. The removal of BSC vaults will be suspended until the contract update is complete. »
They later announced that they had suffered an urgent loan attack with losses amounting to $6. 2 million in an incident report released through the team.
The incident report showed that the hacker had stolen $6. 2 million from BUSD. Busd is binance’s local stablecoin indexed in USD. In addition to this, the hacker switched them to 1-inch ETH DEX which partially got rid of Binance Smart Chain on Ethereum. According to the firm, this happened in 8 transactions.
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The team said they were looking to find out what was going on with BeltTokens.
BeltTokens tokens refer to the tokens you get when you deposit into a Belt Finance vault. They are necessarily a depository receipt and constitute the liquidity provided in a Belt depositor contract. The team stated that their BTC belt, THEIR belt and their BNB belt are fine The team also discussed that an announcement will soon be made on how it intends to move forward, while network eliminations have been temporarily suspended.
Last week, Binance Smart Chain’s Bogged Finance was also hacked and lost $3 million of its local $BOG token.
Belt Finance’s BELT is lately at $29. 11, down 16. 80% in the last 24 hours.
With the increasing use of cryptocurrencies, especially for decentralized finance (DeFi), more such cases are expected to occur. The BSC network wishes to be thoroughly tested and investors are kindly requested to exercise caution when making an investment in Indexed DeFi in the BSC network.
Go to our Live Feed portal to see the company’s latest profits as they decline.
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