DEFI

BSC hit by another crisis! Impossible Finance suspected of being hit by a flash loan attack, illicit gains have been transferred out through a cross-chain bridge.

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BSC hit by another crisis! Impossible Finance suspected of being hit by a flash loan attack, illicit gains have been transferred out through a cross-chain bridge.

According to the latest warning issued by security audit firm PeckShield, the DeFi protocol Impossible Finance in the BSC ecosystem has fallen victim to a flash loan attack. This marks the ninth flash loan attack incident in the BSC ecosystem since May.

BSC Ecosystem Faces Another Attack

It is reported that the attacked pools are IF/BNB and IF/BUSD on the Binance Smart Chain. According to data from the Impossible Finance website, the pools have been drained, with the combined liquidity of the two pools being less than $100.

The project team is currently investigating the incident and has not yet responded to the event. However, based on on-chain data, the attacker made a profit of 1,510 BNB (approximately $500,000), and has converted all the BNB to anyETH (229 tokens) and transferred the illicit gains to the Ethereum blockchain through the Anyswap cross-chain bridge.

Impossible Finance is a DeFi incubator on BSC that aims to support the launch of new DeFi projects through its proprietary AMM liquidity protocol and by establishing a multi-chain ecosystem. It previously secured a $7 million investment led by True Ventures, CMS Holdings, Alameda Research, and Hashed.