Belt Finance Latest Victim of Binance Exploit

Last Updated on June 1, 2021 by Jason

Belt Finance, which is an exchange that offers automated market making for finance that is decentralized, was hacked into over the weekend that resulted in more than $6 million being taken.

It is just the latest in a string of attacks associated with Binance Smart Chain, developed by Binance. Belt Finance explained on their website that the hacker came up with a smart contract and then exploited the strategy protocols, which then executed the contract eight times, resulting in a profit of more than $6 million.

crypto

Users of the vault reported a loss of more than 21% in funds. Fortunately, no other vaults or pools were negatively impacted. Deposits and withdrawals were paused, but they have now been resumed.

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Jasonhttps://earthweb.com/
Hi! I'm the editor at EarthWeb. I have a deep interest in technology and business. I also enjoy testing products out. Contact me to be featured!

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