Bitcoin Forum

 First it was pancakeswap, venus, bunnyswap, now it is burgerswap and juld. What's going on?I know blockchains are vulnerable and all. But I noticed that the Binnace Smart Chain has been under severe attacks recently. Is it because of low number of validators leading faster transactions or what?

When the exchanges get popular and start to trade more assets, those become highly attractive to the hackers and crackers. At this point, they start to find out the vulnerabilities and any loop holes to get into it. Hence, the administrators should always eliminate possible attacks by strengthening the security levels. No matter how well their exchanges perform, one such incident will do a huge damage, not only to that exchange itself, but also to the growth of the crypto-market.

It's not the BSC network that's under attack but the platforms built on top of it. Do not mix them up. Put the blame to the project developers who made the codes that were exploited by the attackers.

It's the same thing when platforms on ethereum chain are exploited. You don't put the blame to the miners and the thousands of nodes running the network.

That means you are saying about those exchanges are  victim of hacks? Your words are meaning like that.

Hackers always target the trending platforms and which is basically build recently. Because new platforms has always some vulnerabilities, and they don't miss the chance to attract them.

Don't expect the impossible, thinking that a new smart contract project can't be a victim to hacks is impossible this is reality, few projects don't even have qualified team members but because crypto speaks money they are all looking for their own way to fill pockets

Blame the projects team not binance smart chain, there are too many crap people pretending to be experts in the blockchain field but they know nothing, a real project should know the existence of hacks and attacks and also be fully prepared to avoid falling victims, it's why we have platforms like CertiK and also bug bounties

It's because BSC is a cheap chineese copy of ETH.
They couldn't copy most of the security protocols so they just left them out, leading to what you see here

Huh did you see an attacker into the chain ana everyone losing their fund? come one there is nothing problem at all on the chain the problem is on the third service who running on that chain. Hacker and other thing is always attacking an exchange not the chain because is really impossible

For the @OP, that's why the word of "Not your key not your crypto" for store your fund on third platform like exchange or other service is important, because to avoid any kind bad thing happen because attacker always coming to the service not chain you can't hack a crypto but a platform? yes.

I don't think so, even if those projects are running on ETH blockchain the hacks will still happen and the real truth is not all those projects are a victim of real hacks, few of them are responsible for the hacks themselves it's a inside job that's what I meant

Pancakeswap and burgerswap are 1 on 1 clones of Uniswap. Yet uniswap isn't getting bleeded by this attacks. Why? Because gaps on infra layer (the blockchain) have been filled on ETH, but remain on BSC because the devs are clueless

Defi generally are vulnerable because there are lot of similar cases before so i don't think  this is specific to bsc only, however,  it is important that great precaution, if this type of incident if persist can lead to distrust.

Hacks do really happen in exchanges, whether they are swaps that were built on Ethereum or Binance Smart Chain. They're all vulnerable if a hacker sees the exchange security isn't tight.
BSC is just another platform and they must add precautions and additional security for their own exchange because they're the ones that's being targeted not BSC.

You can't completely put the blame on BSC smart chain network for any reason, these dex built on BSC are to be blamed for developing vulnerable platform for their customers, sushi, bzrx, and other ethereum based coins and projects were also hacked, this doesn't mean bsc as a whole is full of vulnerability, that's not true.

I think the development of internet technology is increasingly sophisticated. Those who created the malware didn't stop either. They will attack the latest websites. Especially regarding crypto assets, of course they prefer it. Of course, platform developers must be prepared to face these attacks. Binance has been attacked several times, even this year there has been an attack on Binance. If the BSC is attacked, all platforms that use the BSC smart contract will experience interference.

Binnace Smart Chain has not been hacked. It is a reliable centralized blockchain :)
I wrote about attacks on smart contracts in the Binnace Smart Chain.
The reason I think is very simple - developers' mistakes.
Everyone wants to make money on hype.

DeFi hacks [history] (EN)
https://bitcointalk.org/index.php?topic=5267124

The growing popularity of the binance smart chain has attracted hackers to take action, if they can't do the restoration they will charge a fantastic fee because it's so valuable. Maybe with strong defense system nothing will happen

Most of the DEX built on BSC has same set of code that's why they've been hackers favorite to attack due to there volume and low security. It's just like free money for them since there platform security is very vulnerable. I don't know how this DEX progress in terms of there coding besides copying one another.

The good ones will always be attacked so that others can come to the fore, but at the moment I still believe that BSC will soon have more useful updates to defend their users, because Binance is very serious about building their network for the better.

With different DeFi players coming to binance chain and the cheap transaction fees that it implements continue to lure in so as malicious hackers . So its inevitable. The good thing to do is for developers to secure there smart contracts and DApps even more.

The hasty development of projects on BSC leads to security holes. Hackers rely on vulnerabilities to profit. This situation occurs not only in projects on BSC, but in the past, projects on Ethereum have also encountered these problems. DEFI projects on Ethereum have lost all funds in the liquidity pool due to errors in the source code such as BRZX, SoftLink...

PeckShield briefly describes the attack process:
1.The attacker borrowed 6,047.13 WBNB flash loans from the PancakeSwap WBNB-BUSDT pool;
2.In BurgerSwap, call the function DemaxPlatform.swapExactTokensForTokens() to convert 6,029 WBNB to 92,677 BURGER;
3.Create counterfeit BURGER-Fake LP on BurgerSwap platform, and issue 100 counterfeit coins and 45,316.6 BURGER;
4.Exchange 100 counterfeit coins into 45,316.6 WBNB;
5.In this step, the attacker attacked the contract through a reentry attack and made another exchange, which was 45,453 BURGER to 4,478.6 WBNB;

The issue of hackers are really getting out of hand, but it's the responsibility of the exchange developers to ensure that their platform is secured. It's not the fault of binance smart chain in any way. When news like this is trending, every exchange ought to be tighten their security Inorder to avoid being a victim.

You can't expect all projects team to be smart asses or professionals so hackers will only hunt for projects that aren't well protected, this isn't an issue with binance smart chain but the fault of the teams, everyone including developers aims to make huge money from crypto so not all will be professionals

These attacks also take place on the ether network, such a fee for high interest. Investing in crypto is always worth expecting such bad outcomes and having received a profit, we do not need to hope for endless growth and take our own from the market until the market takes it from us.

This is an analysis of the latest hack - a mistake by developers when forked smart contracts
Hayden Adam- Inventor of the @Uniswap Protocol
https://twitter.com/haydenzadams

https://twitter.com/haydenzadams/status/1398132414199873537
"This thread sounds complicated. Here's what happened very simply.

Uniswap v2 fork removed the only line that enforces x*y=k from core:

So core could very trivially be drained.

This is the line that was removed:
https://github.com/Uniswap/uniswap-v2-core/blob/master/contracts/UniswapV2Pair.sol#L182

iWoNDerWhYTHeyDiDtHAt"

Binance smart chain developers will not let that happen, they are the answer right now to Ethereum very high and slow transactions, it's the people that created the project in Binance smart chain that should be questioned like all the others, we are one in saying that Binance smart chain is perfectly fine but some of the projects on it are not.
If the project developers that created a project on BSC are good they can patch the loopholes.

As time goes by, technology is increasing and there are so many people who think in their own interest to create malware, they take advantage of the shortcomings of a system for their own benefit. which must be considered is always careful and thorough.

As we speak, another BSC AMM just got hacked. BurgerSwap or something like that. Not nice at all. Scaring investors

Another defi got hacked again through flash loan. It seems like the hackers were targetting the defi platform that didn't aware if they were using the vulnerable code. The developers of these platform didn't even audit its code again. They were only forking from another platform and that's why they didn't realize there's a vulnerability on their flash loan feature lol

Now there are lots of swap exchanges that can be used by everyone, but in this case I will only use those that have been proven safe and comfortable for the BSC network, because the swap model exchanges are now very easy to hack by genius hackers.

And sometimes, we don't know if the hack is real or just inside job. I have the feeling that some of these defi hacks are inside job, especially for those who are about to exit the game or don't want to disburse their yield farmers. But of course, we will not know if some of them are inside job. Just be open to possibilities and secure your assets.

Yeah. The name of the DeFi platform is Belt Finance. That is careless of them. But I thought they routinely audit with projects like Certik or NoToRugs?

That's a possible scenario since we all know there's a lot of hackers in this market so its very suspicious if the project didn't properly audit their codes and use a high security to protect their project, but again it happened already and I don't think its about BSC network, its more on the side of the project team that is being hacked, they should know this in the first place or maybe its an inside job.

Although Binance Smart Chain (BSC) boost of low gas fees, but it looks like the network or rather most of the projects are yet to boost of improved security. Also, since the BSC network is still upcoming unlike that of Ethereum, I believe with more work and more improvements they will stand firm; what those project team ought to do now is to leverage on their weaknesses and improve on their platforms in order to prevent any sort of attacks again. Moreover, I noticed most of these attacks are flashloans, that is to say, those hackers are seeing loopholes in those projects which they are leveraging on to attack them, therefore let those projects team work hard and look for more better ways to protect themselves.
Lastly, investors needs to be careful of most of these BSC projects because the team can steal and then claim they are being attacked thus using that opportunity to abandon the project. But however, if one look at most of the platforms which were attacked, the team are still working and looking for more ways to continue developing without giving up, that to an extent shows a dedicated team.

HUGE understatement.

Binance Smart Chain is still working at full network capacity. The problem is that these projects built on binance smart chain network have vulnerability problems that get exploited by attackers and hackers. The big problem nowis the existing flash loan attack that has been a pain for protocols and Defi projects built on BSC. It also appears lik affected projects teams don't knowhow to mitigate after such attacks or prepare against such attacks. Binance smart chain is booming and it's not surprising to see these projects getting attacked it's though attacks like this that the network would grow stronger by leveraging on past mistakes and errors.

basically bsc is just a platform that serves every project running on it, as for the hack that happened not because the bsc has a few validators, but how every project in the BSC secures their own products.

This is what you got when the entire community just throwing money at every swap platform released, an unsecure code that could make people loss money. Making code for defi isn't a joke and anything should be reviewed and audited thoroughly and I read the news that there's indication of changing vital code that leads to this attack basically reopining a vulnerability that shouldn't be a problem.
and there's many other swaps service that are just waiting to be attacked since most of them forking from each other.

I think you got the wrong notion about what happened recently, the problem is not the BSC Network just like what happens in some Ethereum Network DeX/Defi platforms in the previous months, the platform has a hole that exploited by those hackers through (flash loans) and it is not surprising because those codes are made by humans that's why it's not perfect and without a repeated thorough audit those vulnerabilities won't be discovered its more on the technical aspect that's why we as ordinary users has nothing to do with them.

As if ethereum ain't a victim to hacks when defi was a big thing in 2020, you guys need to check history first befor coming up with this claim, BSC is new and it solves High gas fee so many new projects are using BSC so tell me why won't hackers target new projects running on BSC? Is BSC to be blame for this? That's a joke because if those projects are running on ETH the hacks will still happens anyway

Everyone can save their money if they invest in such projects that have passed the audit. If the platform is not audited, this should be a red flag when making investment decisions. For myself, I have determined that one of the best companies among those who provide audit services is Certik.

Yes, listen hackers are rich people. They stole 100 M$ once and sat down to burn money. It's good that no attacks. So the scammers are full ... And if they are full, then our users are less stressed. Who knows when they'll attack again, though. Better not to think about the bad.

Either it's BSC or Ethereum hackers will get the job done, the problem is from new crypto developers on the block who knew too little about running a blockchain project, instead of them to hire qualified personnel they took the whole thing into their hands

Binance smart chain is out of it wherein it's not their problem anymore. The developer or should i say the team behind of that project is the one that need to blame on that issue mate, because if they hired a professional team perhaps it will not happen, but unfortunately it happened already, for this reason people will not trust them anymore because of being lack of awareness when it comes to such issues.. Its very common here actually but those who make project still didn't take this seriously just to prevent hacking.. probably its enough for them after filling their pockets such leaving when there's an issue occurred..

I just went through many BSC Swap platforms and they are almost basically forks of Pancakeswap, both new and old services. Hackers would find it easier than taking candy from a baby

I think there are not too many BSC users, so the transaction speed is still very high compared to Ethereum. In principle, BSC and Ethereum use the same system, Ethereum wallet users can receive BSC. Attacks that occur against BSC exploit weak system design and code bugs using flash loans.