- Uranium Finance announced today that it has suffered a major cyberattack
- The DeFi project lost over $50 million worth of different cryptocurrencies
Uranium Finance, the DeFi project under the Binance Smart Chain (BSC), announced today that it had suffered a major cyber attack. Specifically, the hacking incident happened during the network migration to its V2 platform upgrade. As a result, Uranium Finance lost various kinds of cryptocurrency amounting to over $50 million. Yes, this is a shocking incident that mostly affects the investors of the platform.
Furthermore, the hackers successfully integrated a bug in the V2 upgrade of the Uranium Finance network. This bug in the network enables the hackers to crack the security of the network and pull out massive amounts of funds.
Aside from the bug that the hackers successfully planted in the network, analysts also revealed the incorrect coding made by the network’s developers. Consequently, hackers easily penetrated and attacked the Uranium Finance network, just like a walk in the park.
Regarding the stolen digital assets, the cryptocurrencies were already swapped to ETH by the hackers using the PancakeSwap exchange in Binance Smart Chain. In addition, all the cryptocurrencies that were converted to ETH were already stored in the privacy-preserving mixer: Tornado Cash.
This is not the first time that a cyber attack happened within the Binance Smart Chain. For this reason, we recommend doing in-depth research prior to investing your hard-earned money in cryptocurrency. In this case, you can avoid losing funds that cannot be recovered.
Today, the team of Uranium Finance continues to coordinate with the Binance security team to resolve the incident.
Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.