- Belt Finance announced that it suffered a flash loan attack.
- The hacker stole around $6.2 Million.
Belt Finance announced that it suffered a flash loan attack with losses amounting to $6.2 Million. Belt Finance is an AMM protocol fusing multi-strategy yield optimization on Binance Smart Chain (BSC).
According to Belt, the hacker managed to steal $6.2 million worth of BUSD. The BUSD is Binance’s native USD-pegged stablecoin. Further, the hacker converted to ETH via 1inch DEX and partially withdrawn from Binance Smart Chain onto Ethereum.
Belt Finance took the matter to its Twitter, saying:
“Partial funds of our 4Belt pool have been affected. (Accurate amount will be announced soon). We are now analyzing and fixing our contract for safety. The compensation plan and an accident report will be up soon. Withdraw of BSC vaults will be paused until contract upgrade is complete.”
The hacker s...
This article was first published on coinquora.com