With the $700,000 hack of BNB Chain-based decentralized finance (DeFi) platform LaunchZone, its native token LZ has lost more than 90% in 24 hours.
The LaunchZone team made a statement on social media. in sharing, 700 thousand dollars declared that they were exposed to hacking attack. The LZ price is within 24 hours while the team is telling users to stay calm and not purchase tokens at this stage. lost more than 90% of its value. Total assets in the attacker’s LaunchZone liquidity pool 80%It was reported that he had seized.
LZ attacked by hacker. The team is addressing the situation, please do not purchase the token at this stage. Please calm down. We will continue to share updates.
While the team did not specify which vulnerability the attack originated from, the on-chain security firm PeckShield your abuse a system vulnerability caused by user allowance contracts claimed it was.
Before the attack, according to CoinGecko data $0.15 LZ, which is priced in the band, after the events experienced $0.0127 decreased to its level. LZ, at the time of writing It trades at $0.0263.
The BNB Chain ecosystem has been plagued with attackers and exploits over the past year. Lastly, October 2022 exploit in BSC Token Hub, an inter-network bridge. 110 million dollars had caused damage.