Launch Zone, BSCex suffer contract vulnerability — over $7M drained

2023-3-27 15:15

Decentralized exchanges Launch Zone (LZ) and BSCex (BSCX) are suffering contract vulnerabilities — losing over $7.7 million to it already, according to crypto sleuths Scam Sniffer and SlowMist.

The vulnerability was detected on Mar. 27 at around 3:00 am UTC, and over 34,000 wallets are at risk, according to data Scam Sniffer shared.

The vulnerability

The problem is with the SwapX contract on the BNB Chain (BNB) — detected after a user reported their Binance USD (BUSD) was stolen.

The stolen funds were traced back to an authorized SwapX contact launched over 700 days ago. Four contracts are deemed vulnerable, which were deployed on Jan. 2021, May. 2021, July 2021, and Oct. 2021.

At the time of writing, the attacker’s primary addresses and profits are still active. The exploiter uses SwapX to either wash trade, or exchange stolen funds for low-value tokens.

The founder of SlowMist, @evilcos, commented on the SwapX vulnerability and implied they saw it coming a few years ago. Translation of his tweet states:

“Who would have thought that there was a loophole in a wallet address authorization project 2 to 3 years ago. Many users have not canceled the authorization. Hackers will continue to monitor these wallet addresses with authorization risk exposure. Once they find funds, they will steal them away…”

BNB Chain for exploits

According to a recent study, the crypto sphere lost $372 million to scams and exploits since the beginning of the year.

The report also revealed that the BNB Chain is the most popular destination for crypto criminals. There are 47 attacks and exploit cases recorded since the beginning of the year. Out of the attacks, BNB Chain suffered 18 episodes — accounting for over 38% of the attacks.

Data from 2022 demonstrates the growth rate of the BNB Chain. A DappRadar report from December 2022 revealed that BNB Chain deployed the highest number of dApps in 2022 by launching 2,163 dApps.

Meanwhile, another report from the same month revealed that 12% of all tokens deployed on the BNB Chain were rugpull scams. The study detected 117,629 scam tokens deployed in the first 11 months of 2022 — indicating that BNB Chain hosted 14,115 scam tokens between Jan. 2022 and Nov. 2022.

The post Launch Zone, BSCex suffer contract vulnerability — over $7M drained appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Cryptsy Mining Contract (MN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MN

contract launch bscex zone drained suffer vulnerability

contract launch → Результатов: 126


Фото:

DeFi Protocol BENQI Announces $4 Million Second Phase of Avalanche Rush Initiative

Avalanche-based DeFi platform BENQI today announced the launch of the second phase of its ongoing Avalanche Rush initiative. BENQI Unveils Second Phase of Avalanche Rush Initiative In an announcement made today, BENQI, a decentralized finance (DeFi) platform built on the highly scalable, eco-friendly, and decentralized smart contract platform Avalanche shared details regarding the second phaseRead More

2021-10-4 17:00


Kusama parachain Moonriver records 1 million transactions in just 3 weeks

Moonriver, the Ethereum (ETH) blockchain-compatible smart contract platform developed on Kusama, is full steam ahead with some impressive figures since its launch just three weeks ago.   A Polkadot – Kusama powerhouse As reported by Moonbeam, Moonriver has close to 100k wallet addresses on the network and over 650 ERC20 tokens have been created.

2021-9-20 16:00


Фото:

IOST (IOST) Partners with KokomoSwap to Launch Cross-Chain Bridge to Binance Smart Chain

High-performance, decentralized smart contract platform IOST (IOST) today announced a strategic partnership with Binance Smart Chain-based (BSC) AMM KokomoSwap to foster blockchain interoperability. IOST Partners with KokomoSwap In a bid to cater to the increasing demand for blockchain interoperability solutions, the leading smart contract platform IOST today announced it had partnered with BSC-based automated marketRead More

2021-8-31 12:00


Фото:

ADA Rockets As Cardano’s Smart Contracts Release Date Is Finally Revealed

The IOHK team has announced the date slated for the mainnet launch of smart contracts with the Alonzo hard fork. Cardano Targets September 12 For Smart Contracts Launch The Cardano blockchain is less than a month away from finally rolling out the much-anticipated Alonzo hard fork which will initiate the smart contract functionality on the […]

2021-8-14 12:58


Фото:

Why Cardano Is Expected To Thump Never-Before-Seen Levels After Smart Contracts Rollout

Cardano is less than one month away from finally deploying its Alonzo smart contract capability upgrade that will enable the development of decentralized applications on the platform. High anticipation in the crypto community ahead of the launch has led to speculation that ADA is on the verge of the biggest breakout in its history. In […]

2021-8-11 21:45