Belt Finance is Latest Hack Victim On Binance Smart Chain

In another attack on the Binance Smart Chain, another decentralized platform has fallen victim to cyber attackers and lost millions of dollars. As per the official statement by Belt Finance, the company lost as much as six million dollars in the attack. 

One prominent crypto-related publisher, The Rekt Blog, which studies the cyberattacks on DeFi spaces, said in its report that the hacker exploited a bug in the system dealing with collateral calculation. It further added,

Yet another fork of a fork has rolled off the conveyor belt with $6.3M falling straight into the hands of the hacker.

The report by the internet blog further revealed that the hackers took as much as a right flash loan worth $385 BUSD on the PanCakeSwap. It said that Elipsis, one of the most vulnerable systems on the platform, was exploited by the hackers.

To offer passive yield generation to its customers, the beltBUSD vault uses an optimal aggregator for yield—Elipsis. This exchange allows the exchange of stable coins on BSC at low slippage. 

A prominent name in the decentralized space, Mudit Gupta, who is the main developer of SushiSwap, described the latest flash loan exploitation on the BSC as one of the most complex hacks in recent times. He said, 

Basically, the issue happened because Belt incorrectly integrated with Elipsis. A similar issue happened last month as well in belt finance but at that time, the problem was a buggy integration with Venus. I wonder if the Belt has any bug-free integration.

The latest hack puts Belt on the list of the several decentralized platforms that fell victim to hacker attacks. Two days ago, BurgerSwap’s bug was also exploited, which resulted in more than seven million dollars lost.

Meanwhile, with the increasing attacks on the BSC, the world’s biggest exchange has now turned to Ciphertrace —a prominent blockchain analysis company – for analysis and potential solutions. 

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