Another decentralized finance (DeFi) protocol on Binance Smart Chain was hacked and millions of dollars were stolen. This time the target was BXH, a DeFi eco-platform that provides its users with an AI-powered yield farming aggregator. According to a report, close to $140 million was stolen even as altcoin project BXH urged hackers to return the funds. For details cryptocoin.com keep reading.
Hackers hacked altcoin project
DeFi protocols built on Binance Smart Chain have proven to be vulnerable to attacks. On the other hand, the team behind BSC once claimed that it aims to discredit Blockchain. Pancakebunny, Spartan Protocol, Burgerswap, Meerkat Finance, and Uranium Finance are just a few of the projects that have fallen victim to multi-million dollar hacks. And BXH has now joined this list:
The BXH loan deal said it was hacked and this time at least 4,000 ETH was stolen.
The team behind the altcoin project announced the hack today and said:
We regret to announce that BXH has been hacked on Binance Smart Chain (BSC). Assets in HECO, OEC and Ethereum are safe. However, we have suspended the deposit and withdrawal service for security reasons.
BXH has listed addresses where hackers claim to have transferred stolen assets to BSC, Bitcoin and Ethereum Blockchains. According to blockchain researchers, the BSC address holds $8.1 million in BNB tokens and $92.5 million in other BSC tokens. In Ethereum, the hackers’ address holds $1,000 in ETH and $17.2 million in other ERC-20 tokens, most of which are Wrapped Ethereum. The BTC address, on the other hand, holds 198.1 BTC, worth $12.4 million at press time.
Will the “please refund our money” strategy work?
BXH urged the cryptocurrency industry to help hackers save their money by blacklisting their addresses:
We need CEX and DeFi providers to blacklist and freeze these addresses. We collaborate with BSC Security and security partner Peckshield to track and monitor.
Poly Network, a cross-chain DeFi platform, empathized with BXH on Twitter. Poly Network released the following statement:
To prevent further transfers, Poly Network will suspend cross-chain services related to stolen assets on BSC and other chains will not be affected.
Poly Network was the victim of a $600 million exploit, the largest on record in the DeFi industry. As a strategy wondered by the Poly Network team, the hacker asked for the stolen money by saying “please return our money”. And that worked. The hacker returned $260 million and then the rest. In fact, Poly Network even gave the hacker a job as chief security consultant. Borrowing this strategy from Poly Network, BXH wrote in its announcement:
Attackers, please return the money immediately. We will also recognize your action as white hat and offer a bonus.
Will the hackers heed the polite call to return the money and follow the Poly Network route? Only time will tell.
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