Bankroll Status, a BNB Chain’s defi platform, has incurred a loss of $230,000 due to the hacking event. Cyvers, a cybersecurity firm, claimed that this attack was committed by a hacker group called DualPools, which has already attacked DeFi platforms. Hours shortages during the breach were rife, as 12 calls were made for analysis.
They exposed contract abuse, the term limit that abuses this particular contract abuse. Cyvers was collecting malicious and suspicious transactions related to DualPools, and watched with the CTV engine as the transaction had a risk warning attached to it.
🚨ALERT🚨Our system has detected a suspicious transaction involving @Bankroll_Status on #BNB with loss of #230k
It seems that #dualpools hacker is behind the suspicious transaction!. Our system has detected malicious contract deployment targeting #Bankroll 90 days ago!
Want to… pic.twitter.com/iI9j7H6yC3
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 23, 2024
Only days after this hacking incident, BingX suffered an additional cyber attack in which over $52 million was stolen from its crypto exchange platform. Because of the increased prevalence of such invasions, Cyvers advises DeFi platforms to improve security and take further preventive measures.
DualPools Hacker Group Targets DeFi Projects
Reports are being filed regarding the information surrounding the DeFi platform in these ‘bankrolling status’ attacks. A new alarm has been sounded as the group implementing these attacks is the DualPools hacker group.
This group implements a method of deploying smart contracts that destroy other smart contracts or steal all the funds on various platforms. Most of these Twitter attacks are implemented gradually, with steps embarked on on a day-by-day basis. Most of the time, these attacks are only detected once much damage has been done.
As stated by Cyvers, a specialist firm that follows developments in that field, this smart contract was established within the last 90 days, the same tactic this group has used.
Hacker’s group DualPools aims to attack DeFi projects and seeks to carry out a sequence of operations attacks across various protocols.
No other bankrolling status system weaknesses were disclosed that were taken advantage of, although Cyvers is looking to find other flaws in the system. The cyber security attack on Bankroll Status is not a standalone event but a succession of complex cyber attacks directed at Web 3.0 services.
Cyvers Warns DeFi Platforms of Growing Security Threats
Advertisement Banner
Due to the complicated architecture of the smart contracts used in DeFi protocols, such platforms have high exploitation risks as these bugs may be hidden.
Cyvers has cautioned all components of the DeFi ecosystem, urging them to protect their funds and stay alert for any strange activity during the investigation.
This new sports manager hack came just a few weeks after a security attack on Singapore-based exchange BingX caused a $52 million loss.
At first, the crime was estimated at just $26 million, but later, as the number of hacked wallets grew, it was like light caught in a prism, with images scattered all around. The hack involved the theft of several coins, including Ether (ETH), Binance (BNB), Tether (USDT), and over 360 other altcoins.
Future Strategies for Enhancing Blockchain Security
BingX has accepted that a hack took place and is working with security experts to retrieve the assets that were now stolen. To the present date, around $1M has already been frozen since it’s unclear more touching such losses. The cryptocurrency industry is growing, and new forms of the cormorant among the population are expanding.
BNB Chain and Binance Smart Chain decided not to let DeFi-related losses grow in the wake of more frequent attacks, using a community-driven security initiative called AvengerDAO.
AvengerDAO asserts that it has helped reduce the DeFi losses on the BNB Chain significantly, about 85%, compared to previous years. This is even more interesting given that the number of attacks has been rising, calling for the need to put more resources towards early prevention and greater user engagement.
The core development team for BNB Chain highlighted the fact that everyone has a part to play in securing a blockchain with regard to who the developers, platforms, and users should be in a safe environment.
Even though AvengerDAO repulsed attacks, some threats remain unchanged due to the risk that exists inside the DeFi protocols. Rug pulls, and bad smart contracts are still present in the issues that are outlined, making it harder to optimize the flowering of blockchain security.
Conclusion
In conclusion, as stated above, the recent $230,000 hack on Bankroll Status also underlines the imminent threats that are increasing in the Decentralized finance (deFi) space. Since the infamous DualPools hacker group has not ceased attacking smart contracts, it goes to show that DeFi platforms have very serious problems that they need to deal with in terms of protection. This incident also highlights the increasing levels of hackers’ capabilities and the fact that more advanced security approaches must avoid being defensive only.
Follow us to be updated!
https://twitter.com/Thebitjournal_
https://www.linkedin.com/company/the-bit-journal/
https://t.me/thebitjournal
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
