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You are here: Home / Archives for BSC

BSC

New Malware Threatens Binance Smart Chain: Details

October 17, 2023 by Lipika Deka

A new threat lurks in the Binance Smart Chain. Security experts have recently uncovered a malware attack targeting the BSC smart contracts. This malicious campaign, known as “EtherHiding,” employs a devious tactic to spread malware to unsuspecting users. Cybercriminals are focusing their efforts on WordPress websites, injecting them with malicious code designed to retrieve partial payloads from blockchain contracts.

Guardio Labs researchers, in a detailed report following two months of extensive study involving hijacked WordPress sites, revealed the intricacies of this new threat. The attackers entice users into downloading seemingly legitimate “browser updates.” Through this method, the cybercriminals can remotely control the infection process. They can display tailored messages, change strategies, update blocked domains, and replace detected payloads without needing to re-access the WordPress sites, making it exceptionally challenging to counter.

Binance

In the last 2 months or so, we have been facing yet another “fake-update” malware propagation campaign. In the attack flow, a site is defaced with a very believable overlay demanding a browser update before the site can be accessed. The fake “update” turns out to be vicious infostealer malware like RedLine, Amadey, or Lumma.

Initially, the attackers hosted their code on exploited Cloudflare Worker hosts, but after being taken down, they swiftly changed and adapted their strategy to exploit the decentralized, anonymous, and public nature of blockchain technology. This shift has made their campaign even more elusive and challenging to detect.

Binance Smart Chain Malware-Double-Edged Sword Of Decentralized Technology

Binance Smart Chain launched three years ago, emphasizes smart contracts—coded agreements executing actions automatically under specific conditions. Due to the public and immutable nature of the Binance Smart Chain, code can be hosted “on-chain,” rendering it impervious to takedowns. This characteristic, while advantageous, also poses a significant challenge, as illustrated by this attack. The malicious code is hosted and served in a manner that cannot be blocked, highlighting the double-edged sword of decentralized technology.

Guardio Labs advised users to safeguard their site and, and maintain an updated WordPress infrastructure and plugins. Additionally, securing credentials, utilizing strong, regularly changed passwords, and remaining vigilant about their site’s activities are key measures in defending against evolving cyber threats.

Filed Under: Cyber Security, News Tagged With: BSC, cyber attack, EtherHiding, Smart Contracts

BNBChain Unveils opBNB: Empowering Scalability & Innovation On BSC

June 20, 2023 by Mishal Ali

BNBChain, a prominent player in the blockchain industry, has made an exciting announcement that is set to revolutionize the BNB Smart Chain (BSC). Introducing opBNB, a groundbreaking scalability solution designed to address the challenges hindering the mass adoption of blockchain technology.

As blockchain technology continues to evolve, scalability remains a critical challenge.

But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.

Let's discuss opBNB below 🧵https://t.co/irYn1OPtfQ

— BNB Chain (@BNBCHAIN) June 19, 2023

opBNB’s Features: High Performance & Low Costs

opBNB, based on the Optimism OP Stack, is a layer 2 chain that aims to enhance BSC’s scalability while maintaining affordability and security significantly. By leveraging Optimistic Rollups, it takes computation and state storage off-chain, thereby reducing congestion and lowering transaction costs. 

This innovative approach allows for a high throughput environment with reduced gas fees, paving the way for a seamless and efficient experience for users, developers, and projects on BSC.

The opBNB Testnet, scheduled to launch on June 19, 2023, invites testnet validators and dApp builders to try out the solution and provide valuable feedback. This collaborative effort aims to refine this new solution and further optimize its capabilities.

One of the standout features is its impressive block gas limit of 100 million gas, a substantial improvement compared to Optimism’s 30 million gas. This enhancement enables it to handle over 4000 transfer transactions per second while maintaining an average transaction cost below $0.005. 

These figures speak volumes about this new solution’s scalability and its potential to accommodate applications with high daily active users.

Developers stand to benefit greatly from its compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows developers to leverage existing Ethereum tooling and easily migrate or extend their applications to BSC, opening up new possibilities and a wider user base. 

Moreover, it ensures the security and trustworthiness of transactions through its fraud-proving scheme, instilling confidence in developers and users alike.

Projects utilizing this new solution can capitalize on its enhanced scalability and significantly reduced transaction costs, improving user experience and attracting a more extensive user base. 

Furthermore, its integration within the broader BSC ecosystem offers opportunities for developers and projects to interact with various other projects and tokens, fostering a vibrant and diverse blockchain environment.

With the launch of opBNB, the network is embarking on a journey to build a scalable, accessible, and cost-effective blockchain ecosystem. Developers and projects are encouraged to embrace opBNB, bringing their innovative ideas to life within this efficient and future-proof framework. 

By joining forces and leveraging the power of opBNB, the vision of a thriving and sustainable blockchain future can become a reality.

Nevertheless, the launch of the opBNB Testnet on June 19, 2023, presents a unique opportunity for developers and enthusiasts to get involved and contribute to the evolution of this groundbreaking solution. 

Related Reading | Binance’s Latest Showdown With Nigerian “Scammer Entity”

Filed Under: News, Blockchain Tagged With: BNBChain, BSC, opBNB

Upbit Paves The Way For SUI’s Global Adoption: New Asset Joins KRW & BTC Markets

May 4, 2023 by Ammar Raza

Upbit, South Korea’s largest crypto exchange, has made an exciting announcement regarding adding a new digital asset to its platform. Starting on May 3rd, 2023, Upbit will introduce SUI (Sui Sui) for trading in the Korean won (KRW) and Bitcoin (BTC) markets.

This move marks a significant milestone as SUI becomes the first project to support domestic and international transactions. 

However, due to the lack of existing trading data on other exchanges, determining the market price may pose some challenges. Investors are advised to exercise caution and make informed decisions when investing in SUI.

Upbit will implement certain restrictions during the initial phase of SUI trading to ensure a safe and secure trading environment. Firstly, for the first five minutes after the start of trading support, sell orders will be limited to prices below 90% of the standard price. 

Additionally, buy orders will be restricted for the same period, and market prices and reserve orders will be limited for the first hour.

Deposit & Withdrawal Services For SUI On Upbit

Deposits for SUI will only be supported from the mainnet network, with deposits through other networks, such as Binance Smart Chain (BSC), not being accepted. 

It’s worth noting that all SUI deposits made after the start of deposit support and before the reference price is registered on CoinMarketCap or before Upbit SUI transaction support will be subject to verification through the travel rule solution, regardless of the token’s price.

Upbit will announce the specific timing for supporting SUI deposit and withdrawal services once the network status has been thoroughly checked. However, users should be aware that the smooth operation and stability of the network are critical factors. 

If deposits and withdrawals are suspended on overseas exchanges, it may also impact the deposit and withdrawal services on Upbit.

In order to comply with regulatory requirements, Upbit urges its users to ensure that their accounts are included in the list of deposit and withdrawal virtual asset providers supported by the exchange. 

Deposits and withdrawals can only be made to personal wallet addresses that have completed the ownership verification process. Moreover, larger deposits of digital assets with unknown origins may require additional scrutiny to identify the source of the funds.

Nevertheless, Upbit’s decision to list SUI reflects its commitment to expanding its digital asset offerings and providing a trusted platform for cryptocurrency enthusiasts. 

Traders and investors eagerly anticipate the commencement of SUI trading on May 4th, 2023, as they seek to explore the potential opportunities offered by this innovative blockchain project.

Related Reading | Glassnode Co-founder’s Insight Into Bitcoin’s Future Trajectory: Battleground At $28K

Filed Under: News, World Tagged With: Bitcoin (BTC), BSC, Crypto, SUI, upbit

Justin Sun’s TRON Retains 2nd Spot On DeFi TVL

March 21, 2023 by Lipika Deka

TRON blockchain has maintained its second spot since Jan, ahead of BSC by $100 million in the latest ranking compiled by leading data tracker coinmarketcap.

Ethereum dominated the chart with over $28 billion total value locked, followed by TRON with $4.9 billion and BNB in the third spot at $4.8 billion.

Even though negligible, the margin is still noticeable. Tron has kept its TVL level while BNB Chain’s slight decline has helped it advance.

Justin Sun-led network flipped BNB Chain, which had been steadily declining over the previous few months, on January 2-3. In November 2022, BNB Chain had more than $6 billion in TVL, whereas, in the previous two months, Tron’s TVL fluctuated between $4 and $5 billion.

Interestingly, Binance’s stablecoin, BUSD, has lately been incorporated into Tron. Just one week after integration, the pegged form of BUSD has topped $101 million in TVL.

TRX’s greater TVL ranking could be attributed to higher network demand. Furthermore, it might lead to a long-term rise in demand and a positive perception of the network.

While TRON dominates TVL, BNB continues to lead in terms of protocol count, trailing only Ethereum. According to Defillama statistics, the former is home to 17 protocols, while the latter houses 561.

The BNB Chain, formerly known as the Binance Smart Chain [BSC], is a blockchain-powered by Binance that is community-driven, decentralized, and censorship-resistant.

It is made up of the EVM-compatible BNB Beacon Chain and BNB Smart Chain, which support a multi-chain ecosystem.

Having said that, the digital asset industry was just recuperating from the collapse of the crypto trifecta banks when another top European bank waved the red flag.

TRON Founder Proposes Acquisition Deal

Switzerland-based On March 14, Credit Suisse released its annual report, where it acknowledged “material weaknesses” in internal controls over financial reporting.

The following day, Saudi National Bank, its largest backer, turned down to provide a bailout, resulting in a decline of over 25% in the bank’s share price.

All attempts at preventing investors and clients to pull out money from the bank failed. With the help of Swiss regulators, the UBS group inked a deal of $3.25 billion to pump liquidity into the beleaguered bank.

As reported by TronWeekly, the TRON founder proposed to acquire the bank for $1.5 billion.

Filed Under: News Tagged With: BNB, BSC, Justin Sun, tron, TRX

Cardano’s First Cross-Chain Bridge With BSC Launched

November 2, 2022 by Lipika Deka

Cardano-based P2P Game Cornucopias rolled out the first-ever bridge connecting the BSC blockchain, thanks to the partnership between research and development firm IOG and ChainPort, a permissionless crypto bridge.

This collaboration has enabled users to seamlessly port their COPI tokens from BSC to Cardano. In order to be able to conduct the transfer, they are required to have at least 5k COPI coins, the announcement read.

Cornucopias is one of the biggest play-to-earn projects on the Cardano network where players can play this metaverse to earn money and acquire real estate, and other NFT-based assets.

The platform’s community is also one of the largest in the Cardano ecosystem but this is hardly a surprise because it is a community-driven blockchain gaming project.

That said, according to a survey by DappRadar, Cardano has risen to be the third-largest nonfungible token [NFT] protocol by trading volume.

Cardano’s NFT Volume Tapped Close To $200M

In the 30-day period that ended on September 30, the network’s total NFT volume hit $191 million, trailing only Solana [SOL] 3.3% and Ethereum [ETH] 1.8%.

Per data from The Block, in the same time period, Ethereum, the network that powers the most widely used NFT protocol [ERC-721], made over $338 million, whereas Solana contributed $116 million in NFT volume.

The trading volume on the largest NFT marketplace for ADA +0.6% this quarter surged by 40%, hitting $11.2 million on the platform alone. However, none of the top 10 marketplaces listed by DappRadar support Cardano NFTs, which makes them unavailable to anybody outside the network of that blockchain.

The network’s Vasil update, which went live on Sept. 22 after a series of delays and doubled the network’s operating capacity while decreasing transaction time, is mostly responsible for the spike in trading volume.

Additionally, the hard fork triggered the release of Plutus v2, the network’s smart contract language, which facilitated chain development for developers.

In accordance with a blog article by DappRadar, Cardano remains the favored option for large projects due to its “scalability, interoperability, and sustainability,” yet its $66 million Total Value locked [TVL] is meager compared to Ethereum’s $31.4 billion and Solana’s $955.5 million.

Filed Under: Altcoin News, News Tagged With: Blockchain Bridge, BSC, Cardano (ADA), cross-chain

Binance Resumes Its BSC Chain Following $100M Exploit

October 7, 2022 by Goku

Binance confirms a suspected exploit. In response to rising worries over a breach of the network’s official cross-chain bridge, Binance said it will stop accepting deposits and withdrawals using the BNB Smart Chain.

More than $400 million worth of BNB tokens were reported to have been moved from the Smart Chain token hub to a new address earlier on Thursday evening. DeBank data indicates that the address at issue is home to more than $500 million worth of cryptocurrency, including holdings in ETH, MATIC, and FTM.

Binance halted the BNB smart chain

The BNB Smart Chain was halted while there remained uncertainty about the precise nature of the transaction. According to a tweet from Binance, the network “is now undergoing maintenance.”

“We will suspend all deposits and withdrawals via the BNB chain temporarily until there are further updates.”

The exchange stated

“To confirm, we have suspended BSC after having determined a potential exploit.  All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers.”

BNB Chain Twitter account

The wallet may have been hacked given the inconsistent on-chain activities. Tether, a stablecoin provider, has already intervened to ban the address and stop it from transmitting USDT to fresh wallets.

The CEO of Binance, Changpeng Zhao, has released information regarding the event and verified that cross-chain bridge exploits occurred.

“The current impact estimate is around $100m USD equivalent, about a quarter of the last BNB burn.”

CZ

Furthermore, Binance acknowledged on Reddit that funds valued between $100 million and $110 million had first been transferred off the BNB Chain. However, Binance stated that assets worth $7 million had been blocked in response to worrying comments from security personnel and community members.

BNB chain is up and running

In a statement, Binance stated that the BSC validators are working together to bring back the chain “in an hour” using the most recent release. Theoretically, this would inhibit natural cross-chain communication between BSC and BNB Beacon Chain and prevent hacker accounts from acting.

Chain validators were attempting to roll out an upgrade that will freeze compromised accounts; as a result, the Binance Smart Chain (BSC) is anticipated to be operational again by 06:00 Coordinated Universal Time (UTC).

In one of the latest updates, the team announced that the BNB chain is up and running.

📢BNB Smart Chain (BSC) is running ok from 20+ mins ago.

The validators are confirming their status and the community infrastructure are upgrading as well.

— BNB Chain (@BNBCHAIN) October 7, 2022

Filed Under: Industry, Crypto Scam, Cyber Security Tagged With: Binance, BSC

What’s brewing in the Binance Smart Chain [BSC] ecosystem?

November 30, 2021 by Lipika Deka

There has been a lot going on in the Binance Smart Chain [BSC] network. The latest to hit the smart contract platform is the RAMP DEFI, multi-chain decentralized finance or DeFi protocol that launched its Liquidity Incentives Program on 30th November 2021. According to the blog post, RAMP’s ‘collateralized stablecoin lending protocol‘ would facilitate users to deposit assets at high APYs and borrow against these tokens at the same time, allowing for a seamless scaling platform.

For starters, APY or annual rate of return plays the role of cryptocurrency savings account equal to annual percentage rate (APR) account. Further, the blog stated,

With this incentive program, we hope to help new DeFi users discover the full potential of the RAMP platform and maximize the full value of their crypto-asset ownership in the process.

Another important project that is doing the rounds is the launch of a new meme coin dubbed Rocky Inu [ROCKY] created exclusively on the Binance Smart Chain, two days ago. As per the press release, the canine-themed project takes its inspiration from famed meme coins such as Shiba Inu, to create a ‘low cap gem with massive moonshot potential’. That being said, the press release further claims that the newly launched coin is supported by some of the well-known influencers in the crypto world, which would propel it to reach new heights of popularity.

Binance Smart Chain’s [BSC] much anticipated Bruno Upgrade

According to the Binance website, the upcoming BSC version 1.1.5 Bruno hard fork is scheduled to be activated in the block height of 13,082,000, or at approximately 30th November at 8 am [UTC]. Furthermore, all Deposits and withdrawals on the Binance Smart Chain network will be suspended from around 7:45 am [UTC] on 30th November.

As per the announcement, BSC users and developers will not be directly affected by the upgrade. It will however impact the validators or full node operators. After the activation, the blog explains that “the blockchain will be able to handle a series of new features and eliminate existing bugs.” and further notified that all validators would be required to upgrade into the latest version to continue sending transactions. 

Filed Under: DeFi, News Tagged With: binance smart chain, BSC, DeFi

Another Binance Smart Chain-based DeFi Platform Loses Millions In Exploit

May 31, 2021 by Chayanika Deka

There is no respite for decentralized finance-based platforms on top of Binance Smart Chain [BSC]. This time, it was the AMM protocol called Belt Finance that suffered a loss of millions after software exploitation.

According to Belt Finance, a flash loan attack was initiated on the Binance Smart Chain’s 4Belt [USDT/USDC/BUSD/DAI] pool. The hacker reportedly created a smart contract that used popular decentralized exchange PancakeSwap for the purpose of flash loans and exploited its beltBUSD pool. The malicious entity, however, did not stop there and proceeded to attack its underlying strategy protocols as well as executed the contract 8 times to rake in a total profit of 6,234,753 BUSD.

The Binance Smart Chain-based defi protocol also revealed that beltBUSD vault users endured a loss of 21.36% of funds, while 4Belt pool users sustained a loss of more than 6% of funds. Other pools/vaults were not affected. Soon after detecting the attack, the defi platform paused withdrawals and deposits in a bid to prevent more losses. It added,

“While we are aware that this may cause our users inconvenience, it was done to prevent the same exploit from attacking our other vaults/pools. All other pools/vaults and all funds remain unaffected and safe from this attack, and we have now patched the attack vector that allowed this exploit of 4Belt and beltBUSD.”

Belt Finance also revealed that the team was devising a compensation plan that will be released within the next 48 hours.

According to the Rekt Blog, which analyses defi exploits, explained that the lost $6.3 million in a total of eight transactions.

Binance Smart Chain Weighs In

The bloodbath for the BSC does not seem to stop anytime soon. In just nine months, the network’s rise to prominence has attracted many platforms. However, several of these defi protocols operating on top of Binance Smart Chain’s decentralized finance ecosystem have suffered back-to-back hacks and exploits in a short period of time.

Binance Smart Chain had recently stated that the “well-organized hackers” behind the flash loan attacks and security breaches were targeting the platform specifically.

Filed Under: DeFi, News Tagged With: binance smart chain, BSC, DeFi, Hacks

Binance Smart Chain believes hackers are specifically targeting it following back-to-back DeFi exploits.

May 30, 2021 by Chayanika Deka

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.

Filed Under: DeFi, News Tagged With: Binance, binance smart chain, BSC, DeFi, flash loan, Hack

Binance Smart Chain’s DeFi Project Losses Over $30M In Flash Loan Exploit

May 3, 2021 by Chayanika Deka

A DeFi project Spartan Protocol’s contract suffered an exploit that led to loss of more than $30 million in funds. The incident reportedly originated due to a flawed liquidity share calculation in the protocol, that resulted in the drainage of assets from the pool.

In the post-mortem blog post, the security firm PeckShield detailed,

“In particular, the specific hack inflates the asset balance of the pool before burning the same amount of pool tokens to claim an unnecessarily large amount of underlying assets. The consequence of this attack results in more than $30M loss from the affected pool.”

The decentralized protocol [DeFi] was built on Binance Smart Chain for incentivized liquidity and synthetic assets. While first reporting the incident Spartan had revealed that the malicious entity used $61 million in Binance’s native token BNB to control the pools via an unknown economic exploit path to remove almost $3 million in funds from the pools.

According to the post-mortem report, the flash loan was taken on BSC’s popular DEX PancakeSwap for 100,000 wrapped BNB [wBNB]. This amount was to be paid back at the last step with 260 wBNB as the flash loan fee. However, the hacker allegedly swapped the wrapped BNB to Spartan’s native token – SPARTA five times via this exploited pool of the protocol. It swapped wBNB to SPARTAN an additional ten times through the same pool.

After inflating the asset balance in the pool, tokens were burnt to withdraw the liquidity. This process was repeated until the flash loan of 100,260 wBNB was returned and the hacker drained more than $30 million from the DeFi protocol.

DeFi Flash Loan Attacks One After Another

Rekt, which posted another assessment of the incident, also stated that Spartan’s latest exploit with $30 million funds drained is the sixth biggest incursion on its leaderboard.

This news comes jist days after the attackers of yet another Binance Smart Chain’s DeFi exchange Uranium Finance siphoned off with more than $57 million in exploit from a similar attack. In April 20th, layer two protocol EASYFI lost around $59 million.

Filed Under: DeFi, News Tagged With: binance smart chain, BSC, DeFi news, flash loan

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