Whats going on in Binance Smart Chain?

[Photony]

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;

[MadeMen]

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?

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.

[Crypt0Gore]

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

[Bohdan820]

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.

[zasad@]

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"

[smyslov]

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?

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.

[Atang Sulaeman]

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?

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.

[Jaered]

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

[Teraboy]

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

[imamusma]

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

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.

[Twinkledoe]

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

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.

[Jaered]

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

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?

[goaldigger]

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

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.

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.

[aemma]

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?

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.

[titular]

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?

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

HUGE understatement.

[harapan]

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?

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.

[inanilujimi]

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.

[TastyChillySauce00]

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.

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

and there's many other swaps service that are just waiting to be attacked since most of them forking from each other.

[masterrex]

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?

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.

[Byakuga]

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