Article Title: BSC Chain’s Level Finance Project Attacked, Resulting in a $1 Million Loss in Funds

05/02/2023 01:59 • Metaverse & Beyond • 60 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

1. Introduction
2. Background Information on the Blockchain Security Audit Company Beosin
3. The Details of the Attack on the Level Finance Project
4. How the Attack was Carried Out
5. Response to the Attack
6. Implications of the Attack
7. Conclusion
8. FAQs

Introduction

According to recent reports from the Beosin EagleEye security risk monitoring, warning, and blocking platform, the Level Finance project on the Binance Smart Chain (BSC) was attacked on May 2, 2023, resulting in a loss of up to $1 million in funds.

Background Information on the Blockchain Security Audit Company Beosin

Beosin is a blockchain security audit company that provides security risk monitoring and warning services to blockchain projects. The company has gained a reputation for its ability to identify potential security risks and help prevent or mitigate the impact of attacks.

The Details of the Attack on the Level Finance Project

After analyzing the code of the Level Finance project, Beosin found that an attacker’s address, 0x61bb 12e, created an attack contract 0xf08a 629. The attacker then called the claimMultiple function of the attacked contract 0x9770… 63a using the attack contract. Since the attacked contract did not clear the corresponding users’ ledger after calculating their rewards, the attacker repeatedly claimed the same rewards of the same epoch.

How the Attack was Carried Out

The attacker repeatedly called the function using the same epoch to retrieve the Level Token, which they then swapped into 3345 BNBs in multiple pairs. The stolen funds are still stored in the attacker’s address (0x70319d1c09e1373fc7b10403c852909e5b20a9d5).

Response to the Attack

According to Beosin, they are continuing to monitor the stolen funds. The Level Finance project has yet to release a public statement on the matter, but it is expected that they will be working to improve their security measures and prevent similar attacks from happening in the future.

Implications of the Attack

The attack on the Level Finance project highlights the importance of strong security measures and the need for proactive risk management in the blockchain industry. With the rising popularity of DeFi projects on the BSC, it is essential that adequate security measures are in place to protect users’ assets.
Furthermore, the attack raises concerns about the limitations of the BSC’s smart contract ecosystem. While the BSC offers faster and more cost-effective transactions than the Ethereum network, it is still vulnerable to smart contract exploits.

Conclusion

The attack on the Level Finance project serves as a reminder that the blockchain industry must prioritize security as it continues to grow and evolve. By improving security measures and investing in risk management solutions, we can help prevent similar attacks from happening in the future.

FAQs

1. What is Beosin EagleEye?
Beosin EagleEye is a security risk monitoring, warning, and blocking platform that provides blockchain security audit services to companies and projects.
2. What is the Level Finance project?
The Level Finance project is a decentralized finance (DeFi) project on the Binance Smart Chain that offers a yield farming platform and a decentralized exchange (DEX).
3. How can users protect their assets?
Users can protect their assets by diversifying their holdings, using cold storage wallets, and researching projects before investing. It is also essential to use strong passwords and two-factor authentication to prevent unauthorized access.

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