The CURRENT attack on BSC Defi projects

[BayAngelo]

it looks like the incessant attacks on Defi projects has moved into BSC projects. it started with pancake when their DNS server was attacked. then venus attacked followed which was unsuccessful. pancakebunny, Juld, bearn and Earnfi has been recently attacked. the flux in defi projects keeps exposing the weakness of these project. it is getting obvious that some of the developers are copy-cats.

My suspects is that. these guys might move into Matic when they are done with BSC projects. centralized exchanges was hit first. then decentralized platforms on ethereum suffered huge loss of funds. Now it is BSC. WHO knows their next move.

[5W-KILO]

They are just copycats and most teams aren't even developers, they know nothing about blockchain and how to secure people's fund, if there is a way to screen projects team or Devs we will see that many don't even know what they are doing, they are in this game for money only

[Bitum]

If a careful audit is not carried out, it is no wonder that such projects are the victims of hackers. The platform where smart contract is running does not play a role for hackers, the smart contract should not be vulnerable

[grabpopcorn536]

Projects run by anonymous groups exist and they are just copying source code from various projects. DEFI projects grow so quickly that the risk increases on the BSC chain. I usually invest in carefully audited projects because it makes me feel more secure. But it must be recognized that DEFI projects are transparent about the development team and also have been audited, there are still risks. Specific examples are BRZX on the Ethereum chain,

[Byakuga]

If everyone just stick with the rules of investment only that says invest what you can afford to lose there won't be any painful memories when a project exit scam or something, no matter which audit platforms a project went through and passed or whatever security they use anything can still happen

[Bohdan820]

The fact that the binance network is a copycat has been known for a long time. Therefore it is better to understand that investing in projects on the binance network is better to risk small amounts of money because how to get a hack on one more project is very large.

[Looper_U]

Just because BSC is a complete copied of ETH doesn't mean the ETH security isn't present, the fact is all those hacked projects will still get hacked if they are running on ETH chain and not BSC, even not all those hacks are real some are done by the teams themselves

[tabas]

It is because there's a huge money on it. Remember those defi projects on Ethereum, they were also attacked. As long as there's a big money that's sitting on any platform, BSC or ETH.
They're going to attack and exploit it as long as they can see that there's a vulnerability that they can abuse. Instead of reporting and being rewarded generously, they'll take advantage of it.

[GeorgeJohn]

it looks like the incessant attacks on Defi projects has moved into BSC projects. it started with pancake when their DNS server was attacked. then venus attacked followed which was unsuccessful. pancakebunny, Juld, bearn and Earnfi has been recently attacked. the flux in defi projects keeps exposing the weakness of these project. it is getting obvious that some of the developers are copy-cats.

My suspects is that. these guys might move into Matic when they are done with BSC projects. centralized exchanges was hit first. then decentralized platforms on ethereum suffered huge loss of funds. Now it is BSC. WHO knows their next move.

It is obvious that most developers depends on existing templates to develop a project.  This wil be honorable than calling them copy cats. Now, these hackers target where there is fund claustering. I think a remedy should be, the audit and regulators should have a cap on the volume of funds holdable by the projects which would be determined by the strength of their security architecture.
It is therefore for important for investors to pay attention to available audit information before investing.

[Cappex]

it looks like the incessant attacks on Defi projects has moved into BSC projects. it started with pancake when their DNS server was attacked. then venus attacked followed which was unsuccessful. pancakebunny, Juld, bearn and Earnfi has been recently attacked. the flux in defi projects keeps exposing the weakness of these project. it is getting obvious that some of the developers are copy-cats.

My suspects is that. these guys might move into Matic when they are done with BSC projects. centralized exchanges was hit first. then decentralized platforms on ethereum suffered huge loss of funds. Now it is BSC. WHO knows their next move.

difficult to predict the next move otherwise it could be prevented and if you have not been able to do so until now I doubt that it will ever be done, but I think that these events will allow devs to solve problems and offer an increasingly efficient and secure service.

[DOH!]

This is a concern and risk that even CZ didn't anticipate, but I think it will be rectified by BNB as soon as possible according to their promise.  It seems defi on bsc is losing its edge after the success of pancake.  Attention is turning to Layer 2 - Polygons.  However, I still believe in the future development of BNB, it will improve and refine these disadvantages!

[Yaunfitda]

it looks like the incessant attacks on Defi projects has moved into BSC projects. it started with pancake when their DNS server was attacked. then venus attacked followed which was unsuccessful. pancakebunny, Juld, bearn and Earnfi has been recently attacked. the flux in defi projects keeps exposing the weakness of these project. it is getting obvious that some of the developers are copy-cats.

Well that's the nature of some projects, some of them are open source so it's possible that other devs are copying and forking it.

My suspects is that. these guys might move into Matic when they are done with BSC projects. centralized exchanges was hit first. then decentralized platforms on ethereum suffered huge loss of funds. Now it is BSC. WHO knows their next move.

Possible, projects move from ETH to BSC and with the recent spate of attacks might be moving to a mainnet that is more secure and feel that they developed without the threat of attacks. But then again, these cyber criminals are one step ahead of the game, so who knows. Maybe later they will find some loopholes and exploit it again and again.

[LordMiguel]

when people are been advised to make a proper research on projects to invest. it seems like it is a joke or waste of time. these projects are all copy cats that fail to conduct a ground check on their platform. they copied pancake swap and failed to close the loop holes left behind. it is the poor management and been unable to sort out their lapses in the codes they copied from that leads to the exploits.

[carlfebz2]

when people are been advised to make a proper research on projects to invest. it seems like it is a joke or waste of time. these projects are all copy cats that fail to conduct a ground check on their platform. they copied pancake swap and failed to close the loop holes left behind. it is the poor management and been unable to sort out their lapses in the codes they copied from that leads to the exploits.

Yeah, you do need to research but you wouldnt know on what project would be targeted out since there's no such thing about perfect security which means anything could really happen.

The thing here is that you do invest on  the amount you can afford to lose since you wouldnt know on what would happen next.No matter how good or popular the project or platform is

these incidents can happen anytime which would lead a very huge loss of funds.So you should always anticipate and make things according to your own risk management.

[shinratensei_]

My suspects is that. these guys might move into Matic when they are done with BSC projects. centralized exchanges was hit first. then decentralized platforms on ethereum suffered huge loss of funds. Now it is BSC. WHO knows their next move.

So many trusted platforms like aave already learned lot from the flash loan attack and they have been fixing it while the garbage copy cat project didn't know where was the vulnerable code on their garbage copycat platforms. The hackers will always be targetting the platforms that are still using the vulnerable code. When you know how you can use the vulnerability and then that will be so easy to know which platform that you can attack it. I hope those shitty copy cat platforms will be learning a lot from this case.