BSC Protocol Uranium Finance Hacked for $50 MillionApril 28, 2021
Yet another DeFi project on the Binance Smart Chain has fallen to hackers. This time, Uranium Finance was drained of more than $50 million.
Uranium Finance Joins List of Hacked Projects
The attackers exploited a bug in Uranium Finance’s smart contract to swap a single token for almost all other tokens in the protocol’s liquidity pool.
Though Uranium is a fork of SushiSwap, another popular decentralized exchange on Ethereum, the protocol’s team didn’t correctly adapt the code. This left the protocol open to attack.
While the team scrambled to patch the vulnerability, the hacker sent the stolen funds to the Ethereum network, exchanged them for ETH, and sent it to the privacy-preserving mixer Tornado Cash.
The exploit occurred during Uranium’s migration to its v2 upgrade. The team is in the process of contacting law enforcement and is currently cooperating with Binance’s security team.
This is not the first hack on the Binance Smart Chain. Many protocols have been exploited lately, either by hackers like Uranium Finance or by its founding team, as was the case for yield farming protocol Meerkat Finance.
Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article