Belt Finance – BSC protocols prone to flash loan attacks

It happened again: a hack took place on Binance Smart Chain (BSC).


And once again: hackers exploited assets worth millions of dollars by executing a flash loan attack. This time, hackers exploited the Belt Finance protocol, an AMM on BSC. The hackers were able to execute a flash loan attack that made a $6.23 million profit – the protocol itself lost $50 million because of this!


Belt finance stated that the hackers created a smart contract that used PancakeSwap for flash loans. Then they exploited its beltBUSD pool and its strategy protocols. 
Users of the beltBUSD vault suffered a 21.36% loss of funds, and Belt pool users lost 5.51%.


All in all: the protocol lost 50m BUSD consisting of 43.8 million in fees and the 6.23 million BUSD that the attacker withdrew as profit.
Currently, many exploits take place on BSC! Interesting though is, that it was again a flash loan attack. Before the Belt Finance hack, also BurgerSwap and PancakeBunny got exploited by a flash loan attack.

Obviously, BSC protocols are prone to these types of attacks.

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