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Belt Finance suffers exploit: history repeats itself



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 to compensate those affected.

Copied Ethereum and yet learned nothing?

At the start of the Binance Smart Chain and the in-house DeFi ecosystem, the exchange had to take a lot of criticism. One part focused on the question of whether the BSC is also decentralized and another denounced that the many DeFi products were simply copies of what had already been developed on the basis of Ethereum.

In fact, the rise of the Ethereum-based DeFi ecosystem in 2020 was accompanied by very similar exploits. This gives rise to the suspicion that the old mistakes have simply been adopted, but in the end, it is not that simple. Because even in the case of Belt Finance, several smart contracts interlock and form a complex network. And with this as well as all other exploits, the interplay of the various decentralized financial products was the attacker's actual target.

It can therefore be assumed that DeFi will always have a residual risk in this regard, regardless of the respective chain. Even if a log has been audited, there are no guarantees for interested investors.

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