Binance Smart Chain believes hackers are specifically targeting it following back-to-back DeFi exploits.
Several defi protocols built on top of Binance Smart Chain [BSC] decentralized finance ecosystem have suffered one after another hacks and exploits in a short period of time that has stemmed especially this past month. The platform believes that the recent flash loan hacks were orchestrated against BSC specifically.
The platform said on the 30th of May,
“There are >8 flashloan hacks recently, we believe, an well organized hackers are targeting Binance Smart Chain now. It is very challenging time for the BSC community.”
In a series of tweets, Binance Smart Chain also went on to urge the team behind the decentralized applications [DApps] to work with their audit companies to do another health check.
It also asked the cloned and forked defi projects, to “double and triple check” the changes from the original version and employ necessary risk control measures to actively identify any peculiar activities in a real-time manner and halt the protocol if any such strange activity indeed occurs.
Binance Smart Chain’s Rise to Fame
Since its inception last September, BSC saw tremendous success. The activity on Binance Chain’s parallel blockchain has dramatically soared as it continued to make headlines as one of the more viable rivals to the Ethereum network which was riddled with scalability issues.
However, as BSC rose to popularity, so are the bad actors that have breached various protocols and managed to siphon off with billions in crypto.
Binance had recently stated that it was not responsible for exploits on BSC protocols. Samy Karim, who happens to be the coordinator of business and ecosystem development at the cryptocurrency exchange, had earlier stated that Binance Smart Chain is a public permissionless infrastructure that enables anyone to deploy. He went on to add,
“You have malicious actors there and hacks, and exploits in defi are not new and definitely not unique to BSC.”
In another related news, BSC had added the blockchain analytics and cryptocurrency intelligence company, CipherTrace for the purpose of tracking illicit transactions.