DEFISECURITY

BSC | Flash loan attacks continue! Stablecoin protocol Belt.fi targeted, potentially losing $6.2 million

share
BSC | Flash loan attacks continue! Stablecoin protocol Belt.fi targeted, potentially losing $6.2 million

Recent attacks on the Binance Smart Chain (BSC) have been frequent, with another incident occurring on the 30th: Belt.finance was attacked, resulting in an estimated loss of 6.2 million USD.

Looking back at other cases: In May, there were at least 7 flash loan attacks in the BSC ecosystem, with total estimated losses exceeding 100 million USD.

Belt.fi hit by Flash Loan Attack, Risk of Losing 6.2 Million BUSD

The Block researcher Igor first reported the attack: "6.2 million BUSD flash loan attack completed within eight transactions."

It wasn't until after 8 a.m. that Belt's official response came: "Some funds in the stablecoin pool 4Belt have been affected, and the exact amount will be announced soon. We are currently analyzing and fixing the contract based on the reasons. A compensation plan and incident report will be released. BSC vault withdrawals will be temporarily suspended until the contract upgrade is completed."

BSC Official Response: A Major Challenge for the Community

The BSC team stated: "There have been more than eight recent attack incidents, and we believe there is an organized group of hackers targeting BSC. This poses a significant challenge to the BSC community. We urge all decentralized applications to take the following actions."

  1. Conduct contract audits, and for forked projects, thoroughly check the original version contracts.
  2. Implement necessary risk controls and monitor abnormal situations in real-time.
  3. Develop contingency plans for emergencies.
  4. Implement bug bounty programs.
  5. Collaborate with cybersecurity firms.