Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Jaephoenix on May 28, 2021, 05:23:27 PM
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I know blockchains are vulnerable and all. But I noticed that the Binnace Smart Chain has been under severe attacks recently. First it was pancakeswap, venus, bunnyswap, now it is burgerswap and juld. What's going on? Is it because of low number of validators leading faster transactions or what? Concerned cryptohead
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Don't tell me you just copied a post or question you saw on telegram. well it is good to ask questions when we are not fully aware or have idea on how attacks and exploit take place. the problem is that most of these platforms copied the frame work of major DEX and then launch their project without proper security making the platform getting exposed to attacks.
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We're seeing more and more attacked DeFi on BSC, but I'm not surprised by this at all, and I don't participate in DeFi either because:
+Projects launched in a hurry to capitalize on the DeFi trend in crypto market. Ethereum itself has bugs, it is understandable that DeFi projects are attacked by hackers;
+The number of transactions on BSC has surpassed Ethereum, so DeFi on BSC becomes a more attractive target for hackers. About 3 months ago a lot of DeFi on Ethereum was also hacked.
Regarding the security of BSC: I don't think this is the reason, at least for the time being. The problem lies in the project's smart contract.
Hope in the near future, #DevelopmentTeam of these projects will improve the platform better to protect users.
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Regarding the security of BSC: I don't think this is the reason, at least for the time being. The problem lies in the project's smart contract. Hope in the near future, #DevelopmentTeam of these projects will improve the platform better to protect users.
I am sure both Ethereum and BSC people are taking notice of this problem and they should work double time as they have the responsibility to make their respective networks more secure. Without a strong security measures in place that can withstand the test of hackers everywhere, we are not going to be seeing many DeFi go beyond expectations and there can be more and more number of people who will not be trusting them.
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Most of the BSC projects were launched in a hurry because they knew who will come forst will make the most profit. So they uploaded their contract without much testing that is needed. And hackers knew that and as it is now a very big market they started finding vulnerabilities and attacking it.
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Bogged finance also experienced the same attack.
Open source code can be easily compromise by professional and master in programming. They can execute codes to attack the project that cause of million dollars.
For my understanding, every huge project could also be under attack. And by the way BSC or Eth blockchain both are vulnerable. Those project can cover the money back to maintain their reputation. Nevertheless, I hope no more to follow for the sake of goodness.
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Hackers know that nowadays people are investing in BSC tokens. So the chances of hacking might be bigger here, and it really proved to be by them. But it seems like things like this have often happened in Cryptocurrency. The most important thing is that now we have to be more careful with our respective assets.
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As soon as the DeFi wave returns, we can anticipate the emergence of major hacks. I don't know if reason is hacker or project founders, I don't believe in new DeFi projects and have no intention of getting into farming.
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Don't tell me you just copied a post or question you saw on telegram. well it is good to ask questions when we are not fully aware or have idea on how attacks and exploit take place. the problem is that most of these platforms copied the frame work of major DEX and then launch their project without proper security making the platform getting exposed to attacks.
Hahahaha. I just realized now the error. Thanks for pointing it out. That's why you're here, boss
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for now, there are a lot of new defi projects that have sprung up, they are very hasty in making new projects because Defi is indeed a new trend in crypto circles. their team only thinks about the advantages of defi projects without testing the safety of the projects they create. Of course this is very worrying for investors because of security vulnerabilities that make projects easy to hack and attack.
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Hackers will constantly hack everything related to cryptocurrencies because they earn a lot of money on this and BSC is also not ideal like other blockchains and therefore hackers will find various loopholes in BSC and they will hack this blockchain and nothing can be done about it, therefore, we need to be very careful all time and everywhere.
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Another one just got hacked yesterday as we speak. BurgerSwap or something like that. Be careful folks
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Another one just got hacked yesterday as we speak. BurgerSwap or something like that. Be careful folks
The attack was on the 28th of this month. The attacker (or attackers) used an exploit called "flash loan attack". In total, more than $7,000,000 was stolen. Another demonstration of how relatively easy it is (for people with the right knowledge) to steal on some exchanges. If you want to read an article about this news, here you have it: https://cryptoslate.com/binance-smart-chain-defi-project-burgerswap-hacked-for-7-million/
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Binance Smart Chain is a great network and I am optimistic that they will increase the security over time.
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Binance chain is developing well, and every day new investors come here and the capitalization of BNB, the main currency of the binance chain, is growing, and of course, where there is a lot of money, there will be a lot of intruders, hackers, attacks and there is no escape from this, so it is necessary not to neglect the security of your savings.
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Most of the BSC projects were launched in a hurry because they knew who will come forst will make the most profit. So they uploaded their contract without much testing that is needed. And hackers knew that and as it is now a very big market they started finding vulnerabilities and attacking it.
I really agree, because I see the market price is really extraordinary, so the developers want to immediately take advantage of the current market situation.
So they don't care about security
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Most of the BSC projects were launched in a hurry because they knew who will come forst will make the most profit. So they uploaded their contract without much testing that is needed. And hackers knew that and as it is now a very big market they started finding vulnerabilities and attacking it.
I really agree, because I see the market price is really extraordinary, so the developers want to immediately take advantage of the current market situation.
So they don't care about security
So most DeFi platforms are basically sitting ducks now, isn't it? That's quite worrisome thinking the TVL(Total Value Locked) in that sector alone
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Lots of new currencies are coming to the cryptocurrency market right now. However, the most popular platform for most currencies is the Binance smart chain. Many new tokens are currently being created on this platform with great popularity. So investors are much more interested in investing in every moment. Digital assets can be easily converted into money. So many businesses, large and small, are now interested in investing in new cryptocurrency projects. Most of which are made in binance smartchain network.
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Lots of new currencies are coming to the cryptocurrency market right now. However, the most popular platform for most currencies is the Binance smart chain. Many new tokens are currently being created on this platform with great popularity. So investors are much more interested in investing in every moment. Digital assets can be easily converted into money. So many businesses, large and small, are now interested in investing in new cryptocurrency projects. Most of which are made in binance smartchain network.
I am foreseeing an upsurge in Binance Smart Chain transactions with an attendant increase in price of BNB. Same thing that happened to Ethereum would happen in the Binance Smart Chain
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I know blockchains are vulnerable and all. But I noticed that the Binnace Smart Chain has been under severe attacks recently. First it was pancakeswap, venus, bunnyswap, now it is burgerswap and juld. What's going on? Is it because of low number of validators leading faster transactions or what? Concerned cryptohead
Yes, Binance is a very weak platform and very unproven. Just imagine, Ethereum has Vitalik Buterin, he's a coder and computer scientist and Ethereum has a really good code.
But imagine who has Binance? Has it real devs? Because Binance CEO does not seem to be a coder.
I would avoid Binance.
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Where there is a lot of money circulating, that's where a lot of things are targeted to be hacked, so it is certain that BSC is also targeted by hackers who want to get money the easy way.
I also believe that BSC has a weak point, where hackers can create something very detrimental to the Binance Smart Chain community. This is only my opinion.
But from all of that, the #DevelopmentTeam from Binance Smart Chain will also maintain strong security so that BSC in the future will shine even more.