Binance has been in the news for all the wrong reasons lately, with a recent flash loan exploit and its CEO’s email to staff. The company is now in damage control mode, claiming that they are safe despite the recent events.
Topic: Is Binance Smart Chain Safe? Two Flash Loan Exploit in a Week Read more in detail here: burgerswap flash loan attack.
After PancakeBunny, the Binance Smart Chain decentralized financial ecosystem was hit by a flash loan exploit for the second time in a week. However, a fresh assault on DeFi site Bogged Finance resulted in the loss of $3 million. Furthermore, the company acknowledged the hack on Sunday, advising users not to buy its native currency until the issue is resolved.
More importantly, the development team discovered and fixed the flaw in 45 seconds, or 15 blocks. Even worse, the thief took $3 million out of the $6 million in cash. Furthermore, after the assault, the BOG token price plummeted from almost $1.8 to $0.0003. At the time of writing, the BOG price was $0.0002146, according to CoinMarketCap.
Users may utilize Bogged Finance to put a limit order on any BSC-based coin. In addition, in a Medium article, the team provided details on the attack:
“The attacker was able to manipulate the staking rewards and create an inflation of supply — without the transaction fee being paid and burnt — producing net inflation — by using flash loans to exploit a vulnerability in the staking portion of the BOG smart contract.”
Furthermore, according to the team, the transaction restriction of 47,500 BOG has limited the attacker’s automated process and possibly minimized the harm. Furthermore, the hacker performed a total of 11 transactions and made off with 11,358 Binance Coins in the 45 seconds before the main developer fixed the vulnerability by deactivating the transaction fee (BNB).
In addition, the team is working on moving the liquidity to a new contract using the same vulnerability that the attacker used. It will, however, provide BSC an updated version of the contract. Bogged Finance will airdrop the holder’s liquidity token after burning over 7.5 million previously produced tokens during the migration.
The statement guarantees users that their BOG, the platform’s native token, is secure if they paid for it. Furthermore, the team anticipates a lower circulating supply after the 48-hour procedure.
The most popular Binance Smart Chain (BSC)-based decentralized finance (DeFi) protocol is PancakeBunny. It was hit by a significant security flaw, allowing hackers to steal more than $200 million in cryptocurrency.
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The pancakeswap flash loan is a type of exploit that has been used in the past week. It was used by two different people on Binance to steal $1.2 million worth of tokens.
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Is Binance smart chain safe?
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