Breaking: Binance Smart Chain Listed Cream and Pancake Defi Protocols Falls Prey to DNS Hijack

Prashant Jha Altcoin News published March 15, 2021 | modified March 15, 2021

Cyber attack
Cyber attack

Breaking: Binance Smart Chain Listed Cream and Pancake Defi Protocols Falls Prey to DNS Hijack

Pancake Swap, Cream Finance, and few other Defi protocols listed on Binance Smart Chain (BSC) have reportedly experienced a DNS breach from a third-party. Binance CEO Changpeng Zhao has asked traders to stay away from these breached Defi protocols until the risk is mitigated.

Cream Finance was the first to report the DNS breach where hackers posted seed phrase requests following which the official Twitter handle of the Defi protocol requested users to avoid using their platform and to never reveal their seed phrase.

Just a couple of hours later Pancake Swap another popular BSC listed defi protocol reported a similar DNS breach. The defi protocol also asked users to avoid using the platform for the time being.

BSC Becomes the Target of Exploiters Amid Growing Popularity

Binance Smart Chain has gained a lot of traction in the past couple of months from Ethereum traders and the Defi ecosystem owing to the growing gas fee and network congestion on the Ethereum network. BSC was processing 2X daily volume than the Ethereum network on average during this phase showing the extent of surge in its usage.

People started projecting BSC as the Next Ethereum killer at least until the scalability issues are resolved, however, with the surge in popularity the BSC also became a primary target of scammers and hijackers in recent times. The first major breach took place only a couple of weeks ago where a newly listed defi project called Meerkat Finance allegedly rug-pulled $32 million worth of tokens just a day after listing.

Binance also faced a lot of scrutiny for OM protocol listing because of the alleged fraudulent past of the founders. Many ETH proponents have dismissed BSC’s recent claim to fame warning about similar attacks owing to the centralized nature of the BSC blockchain.

Pancake Swap Regains Access to DNS

Pancake Swap has reportedly gained back access to its DNS post-breach but warned that some users might still be under-affected. The defi protocol also assured that they are still working to completely fixed the problem and will post another update soon.

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Prashant Jha 451 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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