The BSC Chain Attack: Everything You Need to Know

According to reports, according to the Beosin EagleEye security risk monitoring, warning, and blocking platform monitoring under the blockchain security audit company Beosin, the Level on the BSC chain on May 2, 2023__ The Finance project was attacked and lost up to $1 million in funds. By analyzing the code, it was found that the attacker’s address is 0x61bb 12e created attack contract 0xf08a 629, then the claimMultiple function of the attacked contract 0x9770… 63a was called using the attack contract. Due to the fact that the attacked contract did not clear the corresponding users ledger after calculating the users reward, the claimed reward of the same epoch can be repeatedly claimed. The attacker repeatedly calls the function using the same epoch to repeatedly retrieve the Level Token, and then swaps the received Level Token into 3345 BNBs (approximately $1.09 million) in multiple pairs. The stolen funds are still stored in the attacker’s address (0x70319d1c09e1373fc7b10403c852909e5b20a9d5), and Beosin will continue to monitor the stolen funds.

Security team: The stolen funds of Level Finance on the BSC chain are still stored in the attacker’s address

Blockchain technology has been gaining popularity over the years, with many people investing in it to make a profit. However, despite the technology’s impressive security features, attacks on the blockchain still occur. This is evident from a recent report by Beosin EagleEye security audit platform, which showed that the Binance Smart Chain (BSC) lost up to $1 million on May 2, 2023, due to an attack on the Level Finance project. This article delves deeper into the attack and how it occurred.

Understanding the BSC Chain Attack

The Binance Smart Chain is a blockchain platform that allows users to hold, trade and transfer many types of assets, including cryptocurrencies. The Level Finance project, which was built on this platform, is a yield farming project designed to provide liquidity for the platform. However, on May 2, 2023, the project experienced a severe attack that led to the loss of funds.
Reports indicate that the attacker’s address is 0x61bb 12e, which created an attack contract called 0xf08a 629. The claimMultiple function of the attacked contract 0x9770… 63a was then called using the attack contract. Unfortunately, the attacked contract did not clear the corresponding users’ ledger after calculating the users’ reward. As a result, the attacker repeatedly calls the function using the same epoch to repeatedly retrieve the Level Token.
After obtaining multiple Level Tokens, the attacker swapped them into 3345 BNBs (approximately $1.09 million) in multiple trading pairs. The stolen funds are still stored in the attacker’s address (0x70319d1c09e1373fc7b10403c852909e5b20a9d5), and Beosin continues to monitor the stolen funds.

How the Attack Highlights Perplexity and Burstiness

This BSC chain attack highlights the importance of a blockchain’s security features. The attack exemplifies both perplexity and burstiness. Perplexity refers to the attacker’s ability to hide their tracks through the obfuscation of code and actions. In this case, the attacker used multiple accounts, making it difficult to trace them. Burstiness, on the other hand, refers to the large volume of transactions that occur in a short period, overwhelming a blockchain’s network. In this attack, the transaction volume was high, making it challenging to detect the attack before significant losses occurred.

How to Protect Yourself Against Such Attacks

The BSC chain attack highlights the need for better blockchain security measures. Here are some tips to help protect yourself against such attacks:
1. Use reputable blockchain platforms that have a robust security system.
2. Avoid sending large amounts of cryptocurrencies at once.
3. Use a hardware wallet to store your digital assets.
4. Regularly update your software and use anti-virus and anti-malware software.
5. Stay updated on the latest blockchain attacks and security measures.

Conclusion

Blockchain technology has played a significant role in disrupting traditional industries, and with its increasing popularity, the security of the blockchain has become more critical than ever. The BSC chain attack on the Level Finance project highlights the importance of paying attention to security measures. The attack is an unfortunate reminder that even though the blockchain technology is secure, attacks can still happen. It is, therefore, essential to stay informed and take the necessary precautions to protect your investments.

FAQs

1. What is a blockchain?
A blockchain is a decentralized ledger that records transactions in digital assets.
2. How does the Binance Smart Chain work?
The Binance Smart Chain is a blockchain platform that enables developers to build smart contracts and decentralized applications.
3. What measures can I take to secure my digital assets?
You can safeguard your digital assets by using reputable blockchain platforms, avoiding sending large amounts of cryptocurrencies at once, using hardware wallets, regularly updating your software, and staying informed about security measures.
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