Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Crypto Trading
  • Cryptocurrency
  • DeFi (Decentralized Finance)
  • News

DeFi Platform bZx Loses $55 Million to Hackers

Alicia Maher November 8, 2021 3 min read

Attackers are stepping up their efforts to harm the crypto industry. In the latest attack, a DeFi platform, bZx, has now lost an estimated $55 million worth of cryptocurrencies. The attack comes at a time when regulators and critics are calling for stronger actions to make the industry safer and better for investors.


trade now

What Happened?

Hackers gained access to the bZx network by deploying a phishing program embedded in a Microsoft Word document and sent to the PC of one of bZx’s developers. The attack was successful and resulted in the developer’s wallet being compromised. The hackers gained access through the wallet’s private keys and quickly moved a huge amount of money through tokens. Upon gaining entrance via the private keys, the hackers had access to the Polygon and BSC protocols and also to the smart contracts of those users who had not set a restriction on transactions on their wallets.

The stolen monies came from funds on the Binance Smart Chain and Polygon which the developer had, and which the DeFi users had staked, lent, borrowed, or farmed. Although the attackers gained access to the protocol, the Ethereum protocol hosting the DAO vault and governance was not affected. The attacker sent the tokens on a round trip including Binance, Kucoin, and Circle.

Post-attack evaluation by Slowmist, a leading Blockchain Auditor, estimated the total amount of the stolen funds to be $55 million.

Rising Attacks on DeFi Platforms

This is not the first time that a DeFi platform suffered phishing attacks. Just two days ago, a hacker gained unlawful access to BZRX via phishing attacks that compromised private keys. Upon gaining access, the hacker stole BZRX tokens and other tokens on Polygon and BSC and then used the stolen BZRX tokens as deposits for future borrowing on the protocol.

bZx was a victim of a phishing attack in February 2020 that saw $500,000 worth of Ethereum stolen from the protocol. That incident forced the developers to implement Layer-2 security protocols and an external audit of the protocol. bZx is responding similarly by working to improve the network’s security and collaborating with law enforcement agencies to identify the attacker.

In the meantime, bZx has warned users of its protocol to cancel every pending transaction and stay tuned for updates. They are also working on a compensation plan for affected users. bZx has also put up a public post appealing to the hacker to return the funds; it even included a bounty. Hackers have been known to return stolen funds. Recently, hackers returned nearly half of $610 million stolen from PolyNetwork in August.

Safety of funds has been a tough case in the cryptocurrency industry. Government regulators have severally highlighted the risks of hacks gaining unauthorized access via malicious attacks and making away with funds. Although this is one of the risks of a decentralized system, experts believe that law enforcement agencies can work with developers to create a system that prevents such attacks in the future.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: Brazilian Politician Proposes Crypto Payment Alternative For Government Employees 
Next: Bitcoin (BTC) Gains 5%, Reclaiming $65K Critical Level

Related Stories

Reserve Bank Of India Officials Have Warned Of Cryptocurrency Dollarization Of Indian Economy
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • India
  • News
  • Regulation

Reserve Bank Of India Officials Have Warned Of Cryptocurrency Dollarization Of Indian Economy

May 28, 2022
American Agencies Issue A Warning Against the Influx Of North Korean In Cryptocurrency Jobs Online
3 min read
  • Cryptocurrency
  • News
  • Regulation
  • Scam

American Agencies Issue A Warning Against the Influx Of North Korean In Cryptocurrency Jobs Online

May 28, 2022
$240M Liquidations In 24 Hours; Why Is ETH Price Crashing?
3 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

$240M Liquidations In 24 Hours; Why Is ETH Price Crashing?

May 27, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,044.00
0.78%
ethereum
Ethereum (ETH)
$1,783.77
2.32%
tether
Tether (USDT)
$1.00
0.08%
usd-coin
USD Coin (USDC)
$1.00
0.11%
binancecoin
BNB (BNB)
$307.96
1.77%
ripple
XRP (XRP)
$0.384650
-0.58%
Binance USD
Binance USD (BUSD)
$1.00
-0.11%
cardano
Cardano (ADA)
$0.464529
0.98%
dogecoin
Dogecoin (DOGE)
$0.081478
-0.65%
polkadot
Polkadot (DOT)
$9.61
3.45%

Recent Posts

  • Reserve Bank Of India Officials Have Warned Of Cryptocurrency Dollarization Of Indian Economy
  • American Agencies Issue A Warning Against the Influx Of North Korean In Cryptocurrency Jobs Online
  • $240M Liquidations In 24 Hours; Why Is ETH Price Crashing?
  • 27 May Crypto Prices: Bitcoin Explores $28K Amid Persistent Bearishness
  • Cardano (ADA) Extends Downward Following Substantial Damage – May 27 Analysis
  • Ethereum, Ripple, Cardano Price Analysis – 27 May 2022
  • Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
  • UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
  • 26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
  • ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
  • CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
  • Do Kwon Intends To Make Terra Classic By Forking LUNA Blockchain
  • Grayscale Is Planning On Listing Its First European Exchange Traded Fund
  • Celsius Is Planning On Taking Its Crypto Mining Business Public
  • Terra Team May Not Redeem Promised Refunds, Especially For Smallholders – Whistleblower

Categories

You may have missed

Reserve Bank Of India Officials Have Warned Of Cryptocurrency Dollarization Of Indian Economy
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • India
  • News
  • Regulation

Reserve Bank Of India Officials Have Warned Of Cryptocurrency Dollarization Of Indian Economy

May 28, 2022
American Agencies Issue A Warning Against the Influx Of North Korean In Cryptocurrency Jobs Online
3 min read
  • Cryptocurrency
  • News
  • Regulation
  • Scam

American Agencies Issue A Warning Against the Influx Of North Korean In Cryptocurrency Jobs Online

May 28, 2022
$240M Liquidations In 24 Hours; Why Is ETH Price Crashing?
3 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

$240M Liquidations In 24 Hours; Why Is ETH Price Crashing?

May 27, 2022
27 May Crypto Prices: Bitcoin Explores $28K Amid Persistent Bearishness
2 min read
  • Altcoins
  • Bitcoin (BTC)
  • Crypto Trading
  • Ethereum (ETH)
  • News
  • Price Analysis

27 May Crypto Prices: Bitcoin Explores $28K Amid Persistent Bearishness

May 27, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%