Binance Smart Chain DeFi Protocol Hit in $2.4M Exploit
- DeFi
- Security
On May 3, 2021, a lesser-known DeFi protocol on Binance Smart Chain got drained for $2.4 million due to a flash loan attack. The attacker exploited a vulnerability in the project's smart contract, siphoning funds in a matter of minutes. CT barely blinked since BSC hacks were becoming routine, but it added fuel to the 'centralized chain' criticism against Binance. Details on the protocol's name were murky in early reports, reflecting the Wild West vibe of alt-chains at the time.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $2.4M
- Status
- Total loss
Funds were drained rapidly with no immediate recovery reported. Community criticism focused on Binance Smart Chain's security reputation.