DeFi Protocol bZx Bleeds $55M Hack Again!

Near Protocol’s Rainbow Bridge Successfully Defies Exploit
  • bZx DeFi lending protocol sufferers hack again.
  • Losses $55 million to the hack.
  • This corresponds to the 3rd hack upon the bZx platform this year alone.

Just when I thought things are finally getting smooth upon the crypto industry and the market, another news of hacking came up. In recent days and the past month of October, the overall crime rates in regards to the crypto industry have sufficiently declined by a margin. 

However, the news came up upon another hack on the bZx DeFi platform. Accordingly, the leading Decentralized Finance (DeFi) protocol bZx got hacked on November 5. Moreover, this hack has resulted in a loss of $55 million for the platform. 

On the other hand, this news was brought out officially by the blockchain security firm, the SlowMist. SlowMist put out the news through a tweet

The Hack

According to SlowMist’s tweet, a private key has been at stake upon the bZx platform, resulting in such hack and losses. 

Moreover, it’s evident from the tweet that the hack took place on about 7 anonymous transactions. However, the transactions are all different from one another. In addition, all the transaction addresses have also been recorded. 

Also, SlowMist terms that they will be further updating new updates once they receive more information. 

bZx Team’s Views

In spite of the hack, the team from bZx protocol terms that they have not yet completely verified regarding the losses internally. Moreover, the bZx is profusely based upon the Ethereum (ETH) and Binance Smart Chain (BSC), blockchains respectively. 

Also, the private keys which were compromised resulted in a major hack upon the Binance Smart chain, than on the ETH blockchain. 

In addition, this is the third hack for the bZx platform for the year. Previously, last year it suffered vividly on the month of February hack of $8 million. This accounted for nearly 30% of the overall value of bZx at that time.

Recommended for You

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.