A Binance Smartchain based DeFi project, Burgerswap, suffered a flash loan attack recently. The result of this has led to a loss of over $7.2 million. Burgerswap has, however, assured users of their increasing efforts to recover the loss.
Despite the DEX assuring their efforts to assuage the issue, the BSC blockchain has continued to suffer a wave of cyber attacks. Another BSC DeFi protocol, Julswap, appears to have suffered a similar fate that led it to shed 95 percent in price. The speculation is that these attacks are triggered as a result of the low fees of Binance Smart Chain and other incidents that are ruining the reputation of the popular network.
Similarly, some DeFi projects have had a share in the recent mishaps as Spartan protocol, Uranium Finance, bEarn were affected. PancakeBunny was recently hit as well, losing over $45 million in the process.
CipherTrace to Provide Analytics Support for BSC
The Binance Smart Chain will be receiving professional analytics support from CipherTrace in a bid to combat the illegal activities on the blockchain. CipherTrace being a blockchain intelligence firm is responsible for tracking illicit activities on over one thousand businesses. The major clients for the intelligence firm are banks, exchanges, OTC desks, and other financial institutions.
CipherTrace announced on 27th of May about their intentions to monitor high-risk financial transactions on the BSC blockchain. The blockchain is recorded to have over 600 applications and programmes running on it. The Binance Chief Compliance Officer, Samuel Lim, has stated that this move by the platform would help regain more credibility and partnerships for BSC.
Although the Binance Smart Chain seems to be the center of for the propagation of DeFi attacks recently. Several other blockchains are witnessing the DeFi hack spree. Some DeFi projects on the Ethereum ecosystem are also recent victims of these attacks. In the last four months of 2021, DeFi criminals have made out with over $284 million.