Defi Hack: BXH Protocol Becomes Latest Defi Victim on BSC, Loses $130 Million

By Prashant Jha
Published October 30, 2021 Updated October 30, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

Hacker

Defi Hack: BXH Protocol Becomes Latest Defi Victim on BSC, Loses $130 Million

By Prashant Jha
Published October 30, 2021 Updated October 30, 2021

The list of Defi protocols getting hacked continues to grow especially on Binance Smart Chain (BSC) as another decentralized transaction protocol BXH informed earlier today about the hack. The official twitter hadle of the protocol revealed that the attack was limited to BSC and assets on Ethereum, OEC and HECO were safe.

Later, Slowmist security platform revealed that attackers managed to steal $130 million worth of assets from the protocol. BXH also released the addresses used by hackers to steal the funds and requested all centralized exchanegs and DEX platforms to freeze the mentioned account. They also requested hackers to return the funds and offered a bounty as well.

The amount of crypto stoled from BXH is only second to Poly Network which became a victim of the largest Defi hack resulting in loss of assets worth more than $600 million. While Poly Network got lucky as they managed to get in touch with the hacker soon after who ultimiately decided to return the funds, but not before trying to launder it via different DEX platfroms.

Defi Hacks Continues to Dent Crypto Ecosystem’s Image

Defi has emerged as one of the biggest success story out of the crypto world over the past couple of years,turning into a multi-billion dollar industry within a year’s time. However, despite its surging pipularity, security vulnerbilities across several protocols has been dampening public confidence in the Defi ecosystem, especially Binance Smart Chain.

Binance’s native chain became quite popular during the peak of the bull run this year in March due to high network congestions on Ethereum. However, security has been a major issue for the pltaform, given it has been a part of some of the biggest Defi hacks in recent history.

BXH didn’t reveal the exact details of the hack but flash loan attacks have been quite common on BSC, and many belive BXH became a victim of a similar attack. It is to be seen whether BXH gets as lucky as Poly Network and get their funds back.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1187 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.

Loading Next Story