According to cryptocurrency investigators Scam Sniffer and SlowMist, decentralized exchanges Launch Zone (LZ) and BSCex (BSCX) are experiencing a contract vulnerability, causing more than $7.7 million in losses.
The vulnerability was discovered at around 8pm on March 26 (Vietnam time) and more than 34,000 wallets are under threat, according to data shared by Scam Sniffer.
Hole hole
The problem stems from the SwapX contract on BNB Chain — discovered after users reported their BUSD was stolen.
Through tracing, it was discovered that the funds were stolen from an authorized SwapX contract that was launched more than 700 days ago. The four contracts considered vulnerable were deployed in January 2021 , May 2021 , July 2021 and October 2021 .
At the time of writing, the main address and the hacker's "booty" are still active. Mining attackers use SwapX to wash trade or exchange stolen coins for low-value tokens.
The anonymous founder of SlowMist commented on the SwapX vulnerability and implied that they saw it appearing a few years ago.
“Who would have thought that there was a vulnerability in the wallet address authorization project 2 to 3 years ago. Many users did not cancel authorization. Hackers will continue to monitor wallet addresses with these authorization risks. Once they find the money, they will steal them…”.
BNB Chain is constantly involved in mining attacks
According to a recent study by Rekt Database, the crypto sector has lost $372 million due to scams and mining attacks since the beginning of the year.
The report also revealed that BNB Chain is the most popular destination for crypto criminals. There have been 47 recorded attacks since the beginning of the year. Of the attacks, BNB Chain suffered 18 waves — accounting for more than 38% of the attacks.
Source: Rekt Database
Data from 2022 shows a significant growth rate of BNB Chain. According to a DappRadar report from December 2022, BNB Chain deploys the most number of Dapp in 2022, launching 2,163 dApps.
Meanwhile, another report the same month revealed 12% of all tokens deployed on BNB Chain are carpet-pulling scams. The study detected 117,629 fraudulent tokens deployed during the first 11 months of 2022 — showing that BNB Chain hosted 14,115 fraudulent tokens between January 2022 and November 2022.
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