Decentralized finance (DeFi) altcoin project bZx Protocol (bZx) has lost more than $55 million as a result of the hack, which has become a recurring theme today. For details of the news cryptocoin.com keep reading.
Altcoin project bZx Protocol (bZx) hacked, the price fell sharply
According to a tweet from the protocol today, the private key controlling the project’s distribution on Polygon and Binance Smart Chain (BSC) was seized by the attackers earlier in the day. Blockchain security team SlowMist has issued a warning that more than $55 million has been withdrawn from the project by suspected attackers.
As of writing, these funds are located at seven separate addresses believed to be controlled by the hacker. According to SlowMist’s breakdown, the address with the most funds is approximately $18.4 million, while other addresses have balances of $6 million, $13.8 million, $15.5 million, and $697. After the news was heard, the altcoin price experienced a sharp decline. At the time of writing, bZx price was trading at $0.3895, down 14%, according to CoinMarketCap data.
The bZx team advised yield farmers interacting with the protocol in the Polygon and BSC chains to revoke such approvals as quickly as possible. The DeFi lending protocol also stated that bZx’s smart contract was not affected by the private key leak. It is also reported that with the project’s distribution of Ethereum under the management of a decentralized autonomous organization (DAO), funds on the said chain are also protected from the event. The altcoin was hacked three more times and lost over $8 million in the most recent attack, which took place in September 2020.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.