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CoinDesk Consensus

Decentralized exchanges Launch Zone (LZ) and BSCex (BSCX) is suffering from contract vulnerabilities and has already lost more than $7.7 million, according to cryptocurrency research firm Scam Sniffer and Scam Sniffer slow mist.

The vulnerability was discovered on March 27th around 3:00 AM UTC, and over 34,000 wallets are at risk. data fraud detector share.

Vulnerability

The issue was in the SwapX contract of BNB Chain (BNB) and was detected after a user reported that his Binance USD (BUSD) was stolen.

The stolen funds could be traced back to legitimate SwapX contacts that started over 700 days ago. Four contracts were deemed vulnerable and deployed. January 2021, in May. 2021, July 2021and October 2021.

At the time of this writing, the attacker’s primary address and interests are still active. Abusers use her SwapX to flush transactions or exchange stolen funds for less valuable tokens.

SlowMist Founder @evilcos, commented He described the SwapX vulnerability and hinted that he had seen it happen several years ago. A translation of his tweet states:

“Who would have thought there was a loophole in the wallet address authorization project a few years ago? If they find the funds, they will steal it…”

BNB chain for exploits

A recent study found that the crypto industry has lost $372 million to fraud and exploits since the beginning of the year.

The report also reveals that BNB chains are the most popular destination for cryptocurrency criminals. Since the beginning of the year, 47 incidents of attacks and exploits have been recorded. Of the attacks, the BNB chain suffered 18 episodes. This accounts for over 38% of attacks.

The data for 2022 shows the growth rate of the BNB chain. His DappRadar report for December 2022 revealed that BNB Chain deployed the most dApps in 2022 by launching 2,163 of his dApps.

Meanwhile, another report from the same month revealed that 12% of all tokens deployed on BNB chains were lag-pull scams. The study detected 117,629 fraudulent tokens deployed in his first 11 months of 2022. This shows that the BNB chain hosted 14,115 fraud tokens between his January 2022 and November 2022.

By Jules

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