Another DeFi exploit shakes the BSC community. And once again a flash loan played the central role. The Belt Finance team had to admit yesterday that there was an incident on May 29 that drove investors $ 50 million. The attacker only made a little more than 6 million US dollars. The rest was on fees and is now part of the investor's loss. With a flash loan, you can borrow extremely large sums provided that you repay them in the same transaction. The attacker used this mechanism to exploit gaps in the pool's strategy and suck liquidity from it. In the case at hand, it hit the beltBUSD pool, which was targeted eight times in a row in a short period of time. In response, the developers stopped all deposits and withdrawals to prevent further damage. Now they want to have further audits carried out in order to rule out that such an incident could repeat itself in the future. They are also said to be working on a plan ...
