Binance Smart Chain (BSC) Gets Hacked, Says Security Firm, “Revoke Your Permissions”

Binance Smart Chain (BSC) Gets Hacked, Says Security Firm, “Revoke Your Permissions”

PeckShield, a blockchain security company, warned early this Monday (27) that a hack is taking place on the Binance Smart Chain (BSC) network. As a recommendation, the company is asking all investors to “withdraw any consents they may have from the smart contract that appears to be the cause of the incident.”

When tracing transactions, PeckShield points out that hackers have already moved ~225,000 DAI (R$1.17 million) to the Ethereum network, making it difficult to respond to both the BSC and other affected projects.

Thus, while the total losses cannot yet be calculated, the amounts lost already exceed millions, which is a warning to investors.

Hack happens on the Binance Blockchain

Home to many projects seeking lower fees than Ethereum, Binance Smart Chain (BSC) already suffered a BRL 3.2 billion hack last year. However, what happened on Monday (27) does not appear to be a security problem for the project, but an error caused by the users.

According to the security company PeckShield, the hack would be linked to the permissions that the investors themselves gave to a smart contract that has not even been verified.

“There is a hack in the wild”warns PeckShield, pointing to a transaction on Binance Smart Chain (BSC). “Although the contract has not been verified, the root cause seems to be related to permissions, causing losses to innocent users. Withdraw your consents, if applicable [o contrato].”

In the transaction listed by the security firm, there are 238 transfers of three cryptocurrencies: Binance USD (BUSD), Wrapped BNB (WBNB), and Diamond (DND). The highest amount presented in any of these transactions is 739 WBNB, equivalent to R$1.17 million. Another three transactions are worth more than R$100,000 each.

The BSCScan explorer itself also points to the above address with an exploit alert.

Also according to PeckShield, a single user would have lost millions in an unknown cryptocurrency, LaunchZone (LZ). As a highlight, the company pointed out that the market dump caused the cryptocurrency price to instantly melt.

“Here’s an affected user (Bscex?): 9.88 million LZ was transferred and evicted, resulting in a significant drop in price.”

BSC Hack Melts Cryptocurrency Price After Hacker Eviction.  Source: PeckShield.
BSC Hack Melts Cryptocurrency Price After Hacker Eviction. Source: PeckShield.

Since the hack is recent and happening right now, there is still no more detailed information about the total investor loss. Still, as seen in some of the transfers above, the loss has already hit six figures.

Finally, there is another warning to investors to revoke permissions for unknown smart contracts.

Source: Live Coins

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