Article: Understanding the BSC Chain Attack on Level Finance

05/02/2023 01:59 • Daily Digest • 85 views

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

With the rise of cryptocurrencies and blockchain technology, the need for secure and stable blockchain networks is more important than ever. Unfortunately, even the most robust networks can fall victim to cyber attacks. Recently, according to reports from the Beosin EagleEye security risk monitoring, warning, and blocking platform monitoring under the blockchain security audit company Beosin, the Level Finance project on the Binance Smart Chain (BSC) experienced an attack that led to the loss of up to $1 million in funds.

What Happened in the Level Finance Attack on BSC Chain?

After analyzing the code, it was revealed that the attacker’s address is 0x61bb12e, which created the attack contract 0xf08a629. Then, the claimed function of the attacked contract 0x9770…63a was called using the attack contract. The attacker took advantage of the fact that the attacked contract did not clear the corresponding user’s ledger after calculating the user’s reward. This allowed the attacker to repeatedly claim the same epoch’s reward by calling the function multiple times.
By repeatedly calling the function, the attacker was able to steal Level Tokens and swap them into 3345 BNBs (approximately $1.09 million) in multiple pairs. To this day, the stolen funds are still stored in the attacker’s address (0x70319d1c09e1373fc7b10403c852909e5b20a9d5). Beosin is continuing to monitor the stolen funds to this day.

What is Binance Smart Chain (BSC)?

Binance Smart Chain is a high-performance blockchain platform built by Binance, one of the world’s largest cryptocurrency exchanges, to support DeFi applications. It is characterized by its speed, low fees, and interoperability with Ethereum-based assets, making it an attractive choice for many DeFi developers.

How Can We Ensure the Security of Blockchain Networks?

Ensuring the security of blockchain networks is a crucial aspect of blockchain development. One way to do this is to conduct regular security audits to identify vulnerabilities and address them before they are exploited. Additionally, developers can implement best practices such as multi-signature authorization, code reviews, and contract upgrades to enhance the security of their applications.

Conclusion

The attack on Level Finance highlights the need for better security measures to be implemented on blockchain networks. DeFi developers need to prioritize security by conducting regular security audits, implementing best practices, and taking steps to prevent exploitation of vulnerabilities. Binance Smart Chain remains a promising platform for DeFi developers, but it is up to the community to ensure its continued success and security.

FAQs

Q: Can the stolen funds be recovered?
A: Unfortunately, once cryptocurrency is stolen from a blockchain network, it is challenging to recover the funds. The decentralized nature of blockchain networks makes it challenging to track down the attacker and reverse the transaction.
Q: How can DeFi investors protect themselves from similar attacks?
A: DeFi investors should conduct their due diligence when investing in projects and avoid investing in projects without a thorough audit. Additionally, investors can look for DeFi insurance products that protect their investments in the event of an attack.
Q: What is the future of Binance Smart Chain in the DeFi space?
A: Despite the recent attack, the future of Binance Smart Chain looks promising in the DeFi space. Developers continue to build more innovative solutions on the platform, and the community remains active and supportive. However, security should remain a top priority for everyone involved in the ecosystem.

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