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Flash Loan Attack: BSC’s Belt Finance Loses $6.2 Million

Flash_Loans_Strike_Belt_Finance_Exploited_for_$6_2_Million
  • Belt Finance announced that it suffered a flash loan attack.
  • The hacker stole around $6.2 Million.

Belt Finance announced that it suffered a flash loan attack with losses amounting to $6.2 Million. Belt Finance is an AMM protocol fusing multi-​strategy yield optimization on Binance Smart Chain (BSC).

According to Belt, the hacker managed to steal $6.2 million worth of BUSD. The BUSD is Binance’s native USD-pegged stablecoin. Further, the hacker converted to ETH via 1inch DEX and partially withdrawn from Binance Smart Chain onto Ethereum.

Belt Finance took the matter to its Twitter, saying:

Partial funds of our 4Belt pool have been affected. (Accurate amount will be announced soon). We are now analyzing and fixing our contract for safety. The compensation plan and an accident report will be up soon. Withdraw of BSC vaults will be paused until contract upgrade is complete.

The hacker stole $6.2 million from Belt Finance’s massive $2.6 billion total value locked (TVL). According to the firm, it happened in 8 transactions. After that, the hacker converted to 2680 anyETH. Besides, it was partially withdrawn to Ethereum through 1inch V3. Also, Belt said 1463 ETH is still moving away from the cross-chain bridge.

Moreover, the team said they are working to figure out the 4Belt situation right now. Besides, the team said beltBTC, beltETH, beltBNB are ok. However, they will make an announcement soon about how they are going forward. Meanwhile, they temporarily pause withdrawals. Last week, Binance Smart Chain protocol Bogged Finance also lost $3 million of its native token $BOG. Besides, it lost it through a crypto phishing attack. Of note, the $3 million lost represents nearly half of Bogged Finance’s total liquidity.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.