Binance Smart Chain (BSC) Project Uranium Finance Exploited for $50 Million

BSC-based automated market maker Uranium Finance has been exploited for $50 million, reported the project Wednesday morning. The tweet reads,

“The only thing that matters is keeping the funds on BSC, everyone please start tweeting this address to Binance immediately, asking them to stop transfers.”

Victims of the attack are asked to log in on their Binance account and report the stolen funds.

This is not the first time a BSC project has been hacked. Over the past few months, as the popularity of BSC due to its cheap fees exploded, so did the projects launching on it, and so did their exploitation.

In March, Meerkat was exploited for $31 million, which was suspected to be a rug-pull, then DODO DEX was drained for $3.8 million.

“We are in contact with Binance Security Team and in the process of escalating this,” said the Uranium Finance team on Twitter. “If you are in possession of the funds or know someone who is, contact me now to arrange a deal before this goes higher,” it added.

As we reported, while the Ethereum network is currently beating the past ATHs, BSC has seen parabolic growth.

Daily transactions on BSC are keeping between 7 to 9 million for the past two weeks, active addresses to 1 million, and unique addresses have reached 67.6 million in the past eight months. In comparison, daily transactions on Ethereum are between 1 to 1.6 million, active addresses made a new high at just under 800k, and unique addresses have reached nearly 150 million over the last 6 years.

When decentralized finance (DeFi) first started gaining traction last summer on the Ethereum blockchain, it also encountered several such exploits and rug-pulls of even much higher amounts. But as the market progresses, the audience becomes more aware and educated, and more advanced projects with a focus on security enter the market, these exploits slow down.

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