The protocol urged users to withdraw their funds immediately to protect against them being stolen.
Latest Hack on BSC
DeFiPie is now the latest victim in the space. The multi-chain lending protocol announced the hack via Twitter on Tuesday at 10:00 UTC. The attack is a reminder for investors to vet all the projects where they deposit funds as these hacks across the ecosystem are no laughing matter.
The alert from the protocol urged all users to withdraw their liquidity funds immediately. Holding assets in the app is currently not safe. DeFiPie CTO, Maksim Malikov, confirmed the problem came through a repeated dump and pump by the hacker of the protocol’s PIE tokens.
Binance Smart Chain (BSC) has recently endured a number of attacks and exploits and it would not be a day in crypto without controversy. This ranges from rug pulls — internal theft of tokens — to complex flash loans carried out by bad actors. While smart contracts offer immutability and security, flaws in code can be catastrophic.
The development team is currently working with PeckShield to solve the problem. The protocol is fully controlled by its Decentralized Autonomous Organization (DAO).
PeckShield to the Rescue
The leading blockchain security group confirmed just two hours after the attack that the source of the problem was “evil pTokens [that] allow for nested borrows.”
The issue appears to have come from unvetted lines of code in the protocol’s logic. The security team posted the transaction details of one hack via BSCScan.
DeFiPie is cross-chain compatible with Ethereum and BSC, but so far the issue appears isolated to BSC. Twitter users @digiknowassets and @nicoromantico also reported having problems withdrawing funds from the platform.
PeckShield has recently helped root out problems for other projects like Value DeFi and StableMagnet. It is a good sign for DeFiPie that the reputable security protocol has reacted so quickly to the problem. Stay tuned to the official channels from both Peck Shield and DeFiPie for updates about the exploitation.
DeFiPie combines the best aspects of many Decentralized Finance (DeFi) applications to create the ultimate DeFi experience. Users can create custom liquidity pools, engage in the DAO and governance, use the PIE token to borrow funds, and begin earning annual percentage yields over 100%.
DeFiPie currently has over 6,000 users and a market capitalization of over $3 Million. According to CoinMarketCap, the 24-hour trading volume was over $350,000, a 47% increase. The protocol is home to over 20 liquidity pools with over $4 million in Total Volume Locked.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.