DeFi protocol Impossible Finance has completed a $7 million seed funding round, which was led by True Ventures, Alameda Research, Hashed and CMS Holdings.
SafeMoon (SAFEMOON) which puts two million investors at risk.
What Happened: SAFEMOON has at least two critical vulnerabilities and three that pose a “high risk,” according to a HashEx statement.
As per HashEx, the token on the Binance Smart Chain has vulnerabilities that allow setting the commissions for the transfer of SAFEMOON up to 100%, rug pulling, excluding holders from commissions distribution, temporary blocking of token transfers, and rendering token smart contract permanent inoperable. A rug pull refers to liquidity theft by the developer.
See Also:
The token’s smart contract takes a 5% commission whenever a Safemoon transfer takes place, which is then distributed to token holders. This is a part of a process that encourages holding on to the coins in the long run.
DeFi hacks on Binance Smart Chain rise as TVL and volumes increase While Binance Smart Chain expands its footprint, hacks on DeFi protocols housed on the network increase hand in hand. 38191 Total views Follow up
Binance Smart Chain, or BSC, was launched in September 2020 as a parallel blockchain to Binance Chain. It enabled the creation of smart contracts and a staking mechanism for the native token of both blockchains, Binance Coin (BNB).
In its brief nine-month existence, there have been a lot of decentralized finance, or DeFi, projects built on it, but there have been numerous instances of hacks on the blockchain’s protocols as well.
Spartan Protocol’s System Breached, Over $30 Million Drained from Project
Last Updated: 04 May 2021
Malicious attacks have swiftly replaced crypto scams as the new favorite way bad actors get their hands on other people’s cryptocurrencies.
In a year that has seen crypto getting more recognition, many protocols have been subject to hacks, and the latest is liquidity and synthetics asset provider Spartan Protocol.
Spartan Protocol Loses $30 Million
Binance Smart Chain hosted decentralized platform Spartan Protocol is the latest victim of a malicious attack that saw over $30 million worth of investors’ funds disappear into thin air.
The attack, which was noted by on-chain analysis and security startup PeckShield on Sunday, showed that the hackers could perpetuate the crime due to a flawed liquidity share calculation in the protocol. This anomaly served as the gateway through which the bad actors were able to drain assets from the pool.