Hackers Drain Over $230,000 from Bankroll Status via Smart Contract Vulnerability

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Attack on Bankroll Status
  2. DeFi Hacks Trends in 2024
  3. Conclusion


    4. According to Cyvers Alerts, the DualPools hacker group siphoned over $230,000 from the Bankroll Status platform through a vulnerability in a previously signed contract deployed about three months ago.

    Attack on Bankroll Status

    Bankroll Status, a platform on the BNB blockchain, lost over $230,000 in a cyber attack. Cyvers Alerts was the first to report on the fraudulent transaction, citing that the funds were stolen through a smart contract signed and deployed about 90 days ago. According to Cyvers, the attack was orchestrated by the DualPools hacker group known for its distinct attack methodologies. The group typically employs malicious smart contracts in DeFi platforms to systematically drain funds from unaware users.

    "Our system has detected a suspicious transaction involving Bankroll Status on BNB with a loss of $230k. It seems that the Dualpools hacker is behind the suspicious transaction! Our system detected malicious contract deployment targeting Bankroll 90 days ago!"Cyvers

    DeFi Hacks Trends in 2024

    Most of the DeFi attacks in 2024 have resulted from smart contract vulnerabilities, leading to numerous incidents on several DeFi platforms. For instance, DeFi protocol Nexera lost about $1.5 million on August 7 due to a smart contract vulnerability. Mar Guimenez-Aguilar, a cybersecurity expert and the lead security architect at Halborn, confirmed that close to 60% of crypto losses in the top 100 DeFi hacks resulted from off-chain attacks. He stated that about 52% of attacks targeted private keys, with roughly 56% of crypto’s total value lost.

    Mar Guimenez-Aguilar thinks the lack of investor awareness leaves a larger opportunity for crypto hackers, highlighting that the attention is often heavily directed toward securing the smart contracts’ code, which has been the primary attack vector while neglecting the fact that the protocol functions within a broader context.None

    Conclusion

    DeFi protocol attacks continue to pose a significant threat to users, many of whom lose substantial amounts due to smart contract vulnerabilities. This underscores the need for stronger security measures and increased awareness among investors and developers.

    The incident with the attack on Bankroll Status highlights that a lack of focus on smart contract security can lead to significant financial losses. It is crucial for DeFi platform developers and users to understand the risks and take steps to mitigate them.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Nigeria's Central Bank Unveils New Regulations for Virtual Assets

On November 5, 2023, Nigeria's Central Bank announced a new licensing framework for non-security virtual assets, including stablecoins, aimed at enhancing consumer protection and financial system integrity.

user avatarElias Mukuru

US Economy Adds 165,000 Jobs in October

The Bureau of Labor Statistics reported that the US economy added 165,000 jobs in October, with the unemployment rate stable at 4.1%, complicating expectations for quick monetary easing by the Federal Reserve.

user avatarDiego Alvarez

TeraWulf Announces Major Contracts and Future Plans

TeraWulf has secured significant contracts, including a 20-year lease with Anthropic and a credit backstop from Google, signaling strong future revenue potential.

user avatarKenji Takahashi

TeraWulf Reports Significant Shift in Revenue Sources

TeraWulf's third-quarter earnings reveal a major transition towards high-performance computing, with HPC lease revenue making up 83% of total revenue.

user avatarMaria Fernandez

Solana Foundation Reports Major Protocol Changes and Record Asset Value

The Solana Foundation has released its October 2023 ecosystem review, detailing significant protocol changes that went live last month, including a reduction in target slot time to 200 milliseconds and the activation of Alpenglow consensus, highlighting a record value of $5 billion in real-world assets on the network.

user avatarGustavo Mendoza

Solana's Ecosystem Roundup Highlights Financial Integrations and Market Activity

Solana Foundation's October 2023 roundup highlights new financial integrations and significant trading volume in the decentralized exchange market.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.