14
ATTACK ON BINANCE SMART CHAIN - May Month
I am really very sad about writing this post. The abuse of flash loan attacks on developing DeFi platforms is hurting. And in the month of May alone it has been three attacks in Binance smart chain.
The Pancake Bunny attack:
On May 20, pancake finance has been attacked and it happened at the time first dip of the entire crypto market. Well, at the time there were many reasons made to believe for the crash, among them this attack also played a crucial role in dwelling the curve for DeFi tokens. This attack well made an impact on the other markets as well. The team analyzed and gave assurance of compensation for the people who have lost the money in the liquidation.
The Burgerswap attack:
The next attack is with the Burgerswap, the team also made an announcement for the compensation of loss through Twitter and gave clarity of transaction details on how these attacks are made.
Belt Finance attack
With two huge blows in the blockchain and the market gaining here and there then the third attack comes. On May 28, the BSCDaily Twitter handle shared the top gaining DeFi platforms in binance smart chain.
Two days after the post the Belt finance twitter page stating about issues and holding all payments from the exchange. They also made an analysis and released details about the attacks.
If we look at these exchanges, they are in growing stages and gained popularity in a shorter time. And repeated attacks on the same blockchain and on similar kinds of growing platforms are concerning. This is a disaster for the teams who have been working hard in order to achieve such growth and some people come and whooping everything just like that in a day by abusing the modern tech. As a crypto enthusiast, I am deeply saddened with this month, I always loved new projects and growing teams. At least in the coming days, let's hope that these attacks will be prevented through severe safety measures.
Don't know about the flash loan attack? Read here: Flash loan attacks
