DeFi protocol bZx lost $ 8.1 Million due to a faulty piece of code in its smart contracts

DeFi protocol bZx lost $ 8.1 Million due to a faulty piece of code in its smart contracts

The bZx protocol, built on the Ethereum network, experienced the third attack in which it lost $ 8.1 Million.


14 Sep 2020 , 13:02 @ Matey Salt

DeFi protocol bZx lost $ 8.1 Million due to a faulty piece of code in its smart contracts

The bZx protocol, built on the Ethereum network, experienced the third attack in which it lost $ 8.1 Million.

Marc Thalen, Lead Engineer at Bitcoin.com, reported today that he found abuse in the bZX protocol and more than $ 20 million was at risk. According to Marc, the user were capable of duplicating “i tokens” and immediately informed the team about the issue.

Marc is convinced that if the administrators of the BzX protocol reacted a little later and did not stop the contracts, the attacker could drained the complete pool.

Finance Magnates was also focused with this case, bringing a closer look at the stolen tokens. The attacker was to steal 219,200 LINK tokens (valued around $ 2.6m), 4,503 ETH (valued around $ 1.6m), 1.7m+ USDT, 1.4m+ USDC and 667,989 DAI (market value of around $ 680,000) due to this bug. After adding it up, it’s supposed to be a total of $ 8.1 Million.

Kyle Kistner, bZx co-founder, said that despite the large losses, the users of the protocol will be compensated from his insurance fund and no funds are at risk.

You may also be interested in: Hackers stole $ 5.4 million in crypto assets from the Hot Wallets of the ETERBASE

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