The DeFi application Bankroll Status on BNB Chain recently lost $230,000 due to a hacker attack. The cybersecurity firm Cyvers linked the attack to the DualPools hacker group, which has previously targeted DeFi protocols.
Hacker Attack on Bankroll Status
The attack was associated with a malicious smart contract that was deployed three months ago and resembled previous DualPools patterns. The suspicious transaction was detected by Cyvers’ system, which has been tracking this hacker group for some time. The group has been reported to attack DeFi protocols and deploy malicious smart contracts. This happened just a few days after another huge cyberattack on BingX during which more than $52 million were stolen. Such attacks indicate a need to enhance security within the DeFi sector.
DualPools' Methods and Investigation
The DualPools hacker group has become more active and poses a significant threat within the DeFi space. They use malicious contracts to attack and steal from other platforms and users. These attacks are typically slow and calculated, making it difficult for platforms to detect the breach until substantial damage has occurred. Cyvers said that the smart contract utilized in this hack was created 90 days ago, and this tactic has been used before. The hacker group is still focusing on DeFi projects, and the attacks go in a circle around several protocols. The precise vulnerabilities in the Bankroll Status system that were exploited are yet to be determined, but Cyvers is in the process of identifying other potential weaknesses.
BingX Hack and Implications
This latest breach happened only a few weeks after another hack on the Singapore-based exchange BingX, which led to the loss of $52 million. It was initially estimated that the attack resulted in a $26 million loss, but more wallets were identified. This attack also led to the loss of Ether (ETH), Binance Coin (BNB), Tether (USDT), and more than 360 forms of altcoins. BingX confirmed the hack and is working with cybersecurity companies to try and recover the funds. About $1 million has been frozen so far, but most of the assets have not yet been found. Such incidents reveal the existing weaknesses within the crypto space, especially as criminals continue to upgrade their tactics.
These incidents underscore the need to improve security within the DeFi space. BNB Chain is actively working to minimize DeFi losses with the help of AvengerDAO, a community-based security group. Despite the successes of the DAO in reducing the overall threat from attacks, many vulnerabilities remain in DeFi protocols that could cause problems.
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