BXH’s DeFi exploit drains an estimated $ 130 million, token price tanks

last decentralized finance (DeFi) platform to suffer at the hands of hackers was the BXH transaction protocol and it could become the second largest exploit in history.

On October 30, the Binance Smart Chain BXH-based lending protocol announced that it had come under attack.

Chinese outlet Wu Blockchain reported that at least 4,000 ETH were stolen and other sources such as SlowMist have estimated the losses to exceed $ 130 million. On November 1, Wu added a CoinWind report showing the magnitude of the losses could have been even higher.

Up to $ 150 million may have been stolen in the attack, and most of the victims were Chinese whales, he said.

This can only be surpassed by the PolyNetwork coin theft case, and due to the existence of the smart group, many other protocols have suffered significant losses as well. For example, COW said there are 150 million funds in BXH. main losses are some Chinese whales.

Compromised private keys

Details are scant at the time of writing, but BXH said that the private keys have been compromised. It followed the blocking of smart contracts on other blockchains like HECO to protect assets there.

He also asked the attackers to return the funds by offering a reward for the white hat, but did not reveal the figure.

BXH is the latest victim in a long line of DeFi hacks this year, most of them based on BSC. According to DeFiYield’s Rekt Database, $ 1.93 billion has been lost to cryptocurrency attacks, scams, and exploits in the last five years.

PolyNetwork was the largest with $ 600 million stolen in August. Cream Finance is currently in second place after losing $ 130 million last week, but BXH could take that spot if it lost more. Cream has been hacked three times this year.

On October 15, Indexed Finance lost $ 16 million in a stunt that blew up its balanced funds. list of exploited BSC protocols is growing and currently includes PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, and Belt Finance.

BXH landfills

protocols’ native token has been downloaded 47% since the hack occurred. Prices fell from around $ 0.083 before the hack to $ 0.044 where they are currently trading.

BXH has now lost 96% from its all-time high of $ 1.12 on April 22, a recovery from this point does not seem likely.


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