bZX decentralized finance protocol hacked and thousands of dollars stolen
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Answer bZX decentralized finance protocol hacked and thousands of dollars stolen
bZX is a decentralized lending (DeFi) protocol based on Ethereum.
It was recently exploited in a hack. Although the amount of lost Ethereum has not been confirmed, bZx co-founder Kyle Christner stated:
We lost a portion of Ethereum.
According to what was reported by The Block, Christner revealed the details of the exploitation through the official bZx channel on Telegram yesterday, February 15.
He noted that there was an “exploit carried out” against a smart contract and that the company behind the protocol had temporarily suspended that contract.
However, the contract can still be used for “lending and canceling”.
The developers of bZx are currently discussing with crypto security experts in order to determine the cause of the hack.
Read:What is the reason behind the high rate of bitcoin mining in Argentina?
Christner commented:
We will post more details after delving into the issue further.
The remaining funds are safe.
The development team at bZx confirmed that they have suspended the “Fulcrum” trading platform for maintenance purposes after the hack.
Approximately 3,300 ETH, worth about $930,000 have been stolen or removed from the bZx protocol in the past 24 hours.
Others in the crypto market believe that the total loss of Ethereum could be around $350,000.
bZx is the world’s seventh largest Ethereum-powered DeFi protocol.
There is currently $15.5 million worth of Ethereum in its contracts, DeFi Pulse data shows.
The IOTA Foundation recently confirmed that their Trinity wallet had also experienced a security breach, resulting in the loss of up to $1.2 million in IOTA tokens.
The IOTA Foundation has taken the CCO node offline in order to investigate this matter.
The coordinator node is used to verify transactions that are broadcast on the IOTA network.
Crypto industry participants, including activist Dovey Wan, have argued that platforms like IOTA should not call themselves “decentralized projects” when they have central control.
Read:The “Telegram” application reveals the launch date of the project’s digital currencies
This is the reason why I stop following most other “blockchains”
Read:Binance CEO Warns of Fluctuations in Crypto Prices… Here’s What to Expect!
If an organization can simply shut down the network and stop the transaction in this way, please stop calling it a “public chain” or an “unstoppable smart contract” and go back to JP Morgan Chase pic.twitter.com/mc4oQWk6be
DoveyWan 🪐🦖 (@DoveyWan) February 15, 2020
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