BNB Smart Chain Suffers Exploit, $73K Stolen
- BNB Smart Chain has suffered an exploit, as per blockchain security firm BlockSec.
- The exploit might be the result of a vulnerability in the Vyper programming language.
- BlockSec also confirmed that around $73,000 worth of cryptocurrencies were exploited on the BSC chain.
- The vulnerability was caused by a malfunctioning reentrancy lock on Vyper versions 0.2.15, 0.2.16, and 0.3.0.
The BNB Smart Chain (BSC) has suffered an exploit, which the entire crypto community on social media platform X (formerly known as Twitter) is talking about. According to analysis, almost $73,000 has been stolen by the attackers, damaging the reputation of the leading blockchain network. The native blockchain of the world’s largest crypto exchange, Binance, also suffered an exploit last year.
Plenty of exploits were carried out in the crypto and decentralized finance (DeFi) space in 2022, and the losses totaled billions. Recently, a number of exploits on Ethereum were reported due to a vulnerability in the Vyper programming language. The BNB Smart Chain exploit seems to follow a similar trend, and as a result, the crypto community is calling this exploit a “copycat” of the Vyper exploit.
Blockchain security firm BlockSec confirmed via a post on X that around $73,000 worth of cryptocurrencies were exploited on the BNB Smart Chain. These exploits were implemented using three different methodologies. Interestingly, after a while, another $14 million attack was implemented, and BlockSec pointed out that this attacker was funded by Binance. It seems that this person is a white hat.
Binance CEO Changpeng Zhao, also known as CZ in the crypto space, has yet to respond to the incident.
This incident comes at a time when several liquidity pools on DeFi platform Curve Finance have been exploited due to the vulnerability in Vyper. BlockSec estimates that more than $41 million in cryptocurrencies have been stolen by exploiters. This vulnerability was caused by a malfunctioning reentrancy lock on Vyper versions 0.2.15, 0.2.16, and 0.3.0.
Additionally, many white hat and black hat hackers have been continuously struggling to prevent loss of funds or block each other’s attempts to exploit vulnerabilities.
Interestingly, according to an earlier report from Bitnation, blockchain security firm Immunefi stated in a report that almost three-quarters of all rug pull scams in the crypto industry during the first quarter of 2023 took place on Binance’s BNB Chain. The report discovered that 73.3% of rug pull scams—where developers raise funds from investors for a project, only to abruptly close down or vanish with the money—took place on BNB Chain during Q1.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
