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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

SpaceX's Historic IPO and Billionaire Backing

chest

SpaceX's IPO in June saw its stock price initially soar but has since faced volatility, with significant investments from billionaires.

user avatarTomas Novak

Strategy Halts Bitcoin Transactions for the Week

chest

Strategy did not engage in any Bitcoin purchases or sales last week, maintaining its holdings at 840,447 BTC.

user avatarKaterina Papadopoulou

Fake Downloads of The Odyssey Spread Lumma Stealer Malware

chest

Security firm Bitdefender warns that pirated copies of The Odyssey are circulating with malware designed to steal cryptocurrency wallets.

user avatarMaya Lundqvist

Shiba Inu SHIB Gains Momentum with New Listings and Adoption

chest

Shiba Inu SHIB has been listed on the Australian exchange FameEX and is now usable at Dubai Duty Free airport stores, marking significant adoption milestones.

user avatarLeo van der Veen

Rise in Wrench Attacks Targeting Cryptocurrency Holders

chest

The report highlights a surge in wrench attacks, particularly in France, where criminals are targeting cryptocurrency holders.

user avatarAisha Farooq

Massive Data Breach Exposes French Tax Records

chest

A hacker is selling a large database of French tax records that could affect over 678,000 individuals and businesses, raising concerns about phishing and identity theft.

user avatarLi Weicheng

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.