Rapid loan attacks continue… Belt Finance project targeted and more than $6 million stolen
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Answer Rapid loan attacks continue… Belt Finance project targeted and more than $6 million stolen
A few days ago, we talked about a quick loan attack for one of the crypto projects built on the Blockchain Binance, the “BurgerSwap” project, which was hacked and more than $7 million was stolen:
Another flaw in a project built on the Binance Blockchain “BSC” cost users $7.2 million
Another hack came to light which also targeted a decentralized finance project based on the Binance blockchain.
This time, the hackers managed to steal $6.2 million worth of BUSD, after which the original stablecoin pegged to the dollar in Binance was transferred to Ethereum via the “1inch” decentralized trading platform and then withdrawn from the Binance blockchain to Ethereum.
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This hack was relatively small, if only $6.2 million of the $2.6 billion total value of Belt Finance was the $2.6 billion “locked value” (TVL) project.
The BeltBUSD aggregator uses four strategies, some of which have been targeted by hackers. A bug in the “Elipsis” strategy was used to leak money via another strategy called “Venus.”
Using quick loans, the hacker exchanged about $200 million of BUSD into USDT, displacing the 3EPS pool and triggering the Elipsis strategy bug.
The “4Belt” pool at this point may have overvalued the hacker’s shares, paying an additional 0.5% profit after the fast loan was entered into.
This resulted in earning $1 million from a single $200 million Flash loan transaction.
The hacker repeated the transaction multiple times, making $6.2 million in profits and causing $13 million in total losses, with $6 million in fees paid to 3EPS pool.
As we pointed out at the beginning of the article, recent hacks targeting the Binance Blockchain have increased, infuriating the crypto community and denouncing those who copy entire code bases without thorough audits.
Read:Blockchain.com expands into Latin America and acquires crypto company SeSocio
This problem has led to several quick loan attacks over the past few weeks.
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