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Binance’s Burgerswap And Julswap Projects Lost Some Assets Due To Attacks

Two Projects At Once On The Binance Smart Chain Blockchain Joined The List Of Victims Of Flash Loan Attacks, When Large Loans Without Collateral Are Used To Manipulate The Ratio Of Assets In Pools And Withdraw Liquidity.

“burgerswap Has Just Come Under Attack. We Have Stopped Swaps And Burger Issuance To Avoid Further Losses. Our Technical Team Is Working On The Problem And Will Release A Solution Later, ”wrote The Developers Of One Of The Projects.

As Analyst Igor Igamberdiev Notes, In The Course Of 14 Transactions, $ 7.2 Million Was Withdrawn From Burgerswap. More Than Half Of This Amount Fell On Burger And Xburger Tokens. Wbnb, Busd, Eth And Usdt Were Also Stolen. In This Case, The Attacker Took Advantage Of A Feature That Allowed Him To Perform Repeated Swaps Before Updating The Reserves, Which Are Used To Calculate The Number Of Tokens In The Operation.

The Julswap Project Suffered In A Similar Way. Both Are Building Defi Platforms, With Julswap Being Marketed As “An Enhanced Uniswap On The Bsc.” The Julswap Token (Juld) Fell By More Than 50% After The Attack, But Has Already Managed To Win Back Most Of The Fall. Burgerswap (Burger) Experienced A More Moderate Decline.

The Binance Exchange, On The Blockchain Of Which The Attacked Projects Are Based, Previously Announced That It Could Not Help Users In Such Cases By Changing The Transaction History. The Company Is Often Criticized For Its High Degree Of Control Over The Network It Runs. The Bsc Uses The Proof-of-staked-authority (Posa) Consensus Mechanism And Is Controlled By 21 Validators. Such Validators Are Chosen By The Bnb Token Holders, The Largest Of Which Is Binance Itself.

“bsc Is A Public Infrastructure With Unlimited Access, Where Anyone Can Launch Their Project. Hackers And Hacks Are Present, But Defi Exploits Are Nothing New And Are Clearly Not Unique To Bscs. It Is Impossible To Roll Back The History Of Transactions, As People Imagine It, ”- Said A Spokesman For Binance.

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