BSC chain suffered 12 attacks and lost more than $270 million in May Rethinking security and development

Reflections on the frequent attacks on the BSC chain

Recently, a series of security incidents have occurred on the BSC ( Binance Smart Chain ), which has attracted widespread attention in the industry. As an alternative public chain to Ethereum, BSC has attracted a large number of users due to its low transaction fees and fast transaction speeds. However, with this comes the constant occurrence of money theft and arbitrage.

According to statistics, in May alone, there were 12 security incidents in BSC, causing a total loss of more than $270 million. The most serious of these was the attack on the Venus project, which resulted in a deficit of more than $100 million. In addition, several well-known projects such as PancakeBunny, Spartan Pools V1, bEarn Fi, etc., have also suffered attacks of varying degrees, with losses ranging from millions to tens of millions of dollars.

The frequency of this series of events can't help but make people think about the reasons behind it:

  1. The ecological construction of BSC is relatively extensive and lacks independent innovation. Many projects simply copy the code of the Ethereum ecosystem, and combine or modify them without fully understanding the logic of the original protocol, leading to potential vulnerabilities.

  2. BSC has low transaction costs on the chain, which lowers the threshold for attack. Compared to Ethereum, it can cost a hacker a few hundred dollars to launch an attack on BSC.

  3. Some project parties lack integrity, and may even steal from others. Some projects are designed with the intention of deceiving investors.

These events are a wake-up call for the BSC ecosystem. The data shows that some of the locked funds have begun to flow back to Ethereum, and the total locked amount of BSC has fallen back to about $2 billion.

To avoid similar security issues, the project development team needs to be more aware of security and not simply copy other people's code. A comprehensive security audit should be conducted before a new contract is launched, and an effective risk control mechanism should be established. At the same time, investors should also raise their awareness of DeFi and participate in new projects with caution.

From a more macro perspective, the blockchain industry is still in its early stages, with the underlying infrastructure and regulatory framework not yet perfect. This requires all parties in the industry to work together to promote the healthy development of the industry. The project party should adhere to the correct development direction and establish a positive image of the industry; Investors need to continue to learn and improve their ability to identify risks.

Despite the current challenges, the development of blockchain technology is still promising. There are risks and opportunities, and those who can seize the opportunities and continue to learn and practice will eventually succeed in this emerging industry.

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StablecoinArbitrageurvip
· 06-27 15:28
*adjusts spreadsheets* actually not surprised, my risk models predicted 73.4% chance of major exploits given bsc's tx throughput vs security ratio
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TopBuyerBottomSellervip
· 06-27 14:20
People, I understand who falls and who rises, but I just don't understand myself.
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ser_ngmivip
· 06-27 10:03
Another drop to zero opportunity?
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TestnetFreeloadervip
· 06-24 15:55
There is meat to eat again.
View OriginalReply0
FallingLeafvip
· 06-24 15:46
Large funds are flowing away, hehe.
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AllInAlicevip
· 06-24 15:44
Be Played for Suckers, regardless of the chain
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NullWhisperervip
· 06-24 15:37
technically speaking, bsc is speedrunning security fails rn
Reply0
TopEscapeArtistvip
· 06-24 15:37
Don't trap, don't learn. Trapping makes you understand more. What's 270 million? Isn't buying the dip sweet?
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MEVictimvip
· 06-24 15:36
Just play people for suckers and run.
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