Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: sirty143 on April 28, 2021, 02:32:43 PM

Title: $50M reportedly stolen from BSC-based Uranium Finance
Post by: sirty143 on April 28, 2021, 02:32:43 PM
(https://i.imgur.com/Jp5z546m.jpg)

Uranium Finance joins the growing list of hacked projects on the Binance Smart Chain network. Uranium Finance, an automated market maker platform on the Binance Smart Chain, has reported a security incident that resulted in a loss of about $50 million. Tweeting on Wednesday, Uranium revealed that the exploit targeted its v2.1 token migration event... See more for yourself here (https://cointelegraph.com/news/50m-reportedly-stolen-from-bsc-based-uranium-finance).

Your opinion is greatly appreciated.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Freemind on April 28, 2021, 02:40:24 PM
Another theft that will only serve to question the reputation of cryptocurrencies... I've always wondered how much money from their annual budget these projects spend on security, that information is not public, but after seeing another case, it seems that the security budgets are not high enough. Maybe from now on they will do things differently.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Review Master on April 28, 2021, 07:51:47 PM
TBH, it looks like a rug pulled project as team deployed v2 after the first incident where attacker was able to stole only $1.3 million worth of funds. After 11 days from the deployment of v2, team again asked the community to migrate into V2.1 which is really uncommon thing and it might be done from someone who belongs to the Uranium team. BTW, binance will sure to freeze those BNB and BUSD as those were about $36.8 Million. As always, defi is still on the experimental phase.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: jonathancool220 on April 29, 2021, 04:16:26 AM
50,000,000 USD is very large and I think Uranium Finance is really too reckless in opening assets to all investors.
My point is that Uranium Finance really shouldn't be too open to the security system to all investors and traders because the effects can be fatal like this and this is really sad about the Binance Smart Chain blockchain.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Carbitcoin on April 30, 2021, 06:21:17 PM
according to experts, we still have to very often hear about the theft of funds from those projects that use the smart chain binance platform. The vulnerability of this platform is much more than it seems, and low commissions in the network will not recoup our losses.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Freemind on April 30, 2021, 06:37:02 PM
Quote from: Carbitcoin on April 30, 2021, 06:21:17 PM
according to experts, we still have to very often hear about the theft of funds from those projects that use the smart chain binance platform. The vulnerability of this platform is much more than it seems, and low commissions in the network will not recoup our losses.

Just because BSC is owned by Binance doesn't mean it's perfect. If you look at the repositories, Binance is using a lot of open source software, and that means that security bugs that haven't been fixed continue to exist no matter what chain is used. Most of the software that Binance uses for its ecosystem has not been programmed by them.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: IyemRoker on May 15, 2021, 04:05:42 AM
Quote from: jonathancool220 on April 29, 2021, 04:16:26 AM
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To be precise it "doesn't expose" security to the public but Binance Smart Chain has a weakness because the system is centralized and may be new to development.
Or it could be that Uranium creates drama with a hacked statement, even though the dev took the money away because cryptocurrency is always full of stories.
Indeed, the Binance Smart Chain is still fragile, so be careful and save your funds !
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: whyrqa on May 15, 2021, 09:04:45 PM
Quote from: IyemRoker on May 15, 2021, 04:05:42 AM
Quote from: jonathancool220 on April 29, 2021, 04:16:26 AM
-
To be precise it "doesn't expose" security to the public but Binance Smart Chain has a weakness because the system is centralized and may be new to development.
Or it could be that Uranium creates drama with a hacked statement, even though the dev took the money away because cryptocurrency is always full of stories.
Indeed, the Binance Smart Chain is still fragile, so be careful and save your funds !
I would say that this is not only a weakness, it is the biggest vulnerability that should turn cryptocurrency users away from this platform, but first of all, everyone worries about cheap transactions. So they have results.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: masudginanjar on May 22, 2021, 06:17:22 AM
We must be wise in dealing with news like this because cryptocurrency is full of drama so that it can create bad news or good news because basically the price of Bitcoin or cryptocurrency always depends on news.
If this is FUD or bad news for Binance Smart Chain from being stolen on the Uranium platform then what has happened so far will be sad because the BEP20 is really now the best platform.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: neocrypto90 on May 25, 2021, 01:00:05 AM
Such a big thing will harm BSC network and Binance project, I think even if the market is recovering a little bit, these kind of news will dump the market again.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Freemind on May 25, 2021, 11:06:01 AM
Quote from: neocrypto90 on May 25, 2021, 01:00:05 AM
Such a big thing will harm BSC network and Binance project, I think even if the market is recovering a little bit, these kind of news will dump the market again.

Although news like this always damages the reputation of cryptocurrencies in general, I do not believe that Binance is responsible for what users do with their products. As far as I know, Uranium Finance is not owned by Binance, Uranium Finance is using the Binance chain, which is very different. Therefore, Binance has no responsibility in this case.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: neptunemutual on May 30, 2021, 12:18:52 PM
Quote from: Freemind on May 25, 2021, 11:06:01 AM
Quote from: neocrypto90 on May 25, 2021, 01:00:05 AM
Such a big thing will harm BSC network and Binance project, I think even if the market is recovering a little bit, these kind of news will dump the market again.

Although news like this always damages the reputation of cryptocurrencies in general, I do not believe that Binance is responsible for what users do with their products. As far as I know, Uranium Finance is not owned by Binance, Uranium Finance is using the Binance chain, which is very different. Therefore, Binance has no responsibility in this case.

Completely agreed. Furthermore, to Binance's credit, in some cases, Binance successfully recovered hacked/stolen funds from attackers to return to the victims. The Binance Smart Chain is just a tool, what people do using that tool is completely out of hand of Binance.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: Freemind on May 30, 2021, 01:10:55 PM
Quote from: neptunemutual on May 30, 2021, 12:18:52 PM
Completely agreed. Furthermore, to Binance's credit, in some cases, Binance successfully recovered hacked/stolen funds from attackers to return to the victims. The Binance Smart Chain is just a tool, what people do using that tool is completely out of hand of Binance.

I know what you mean and I agree. As a general rule, people tend to blame the messenger or the tool instead of thinking that the tool requires constant improvement because no programming language is perfect and everyone has security issues. If all the people who complain knew what it takes to program something, I'm sure they wouldn't complain so much.
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: UNIVERSE on June 06, 2021, 11:49:05 PM
So sad to know that there are some problems and also attacks on the BSC network. So far, BSC has been more popular because of its platform by Binance, low fee transaction, and also easy to create projects.However, it is still low on the secuirty system
Title: Re: $50M reportedly stolen from BSC-based Uranium Finance
Post by: neocrypto90 on June 07, 2021, 01:18:14 AM
Quote from: UNIVERSE on June 06, 2021, 11:49:05 PM
So sad to know that there are some problems and also attacks on the BSC network. So far, BSC has been more popular because of its platform by Binance, low fee transaction, and also easy to create projects.However, it is still low on the secuirty system

I agree with you, but the same problems that exist in BSC are existing in ETH, I think the real problem is with the so called Flash loans.