Revealing private key, DeFi platform bZx was stolen $ 55 million

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2021-11-05 15:23:06

Lending protocol bZx Protocol has become the latest victim of DeFi attacks, with initial losses estimated at $55 million.

Revealing private key, DeFi platform bZx was stolen $ 55 million

In a series of Twitter posts at 07:45 PM on November 5, bZx admitted that someone had appropriated the private key leading to the project’s funds on Binance Smart Chain and Polygon. However, the project’s funds on Ethereum have been moved to DAO management, so are not affected.

The project further confirmed that smart contracts are not affected, but the damage is limited to bZx’s funds on Binance Smart Chain and Polygon. However, bZx recommends that users cancel their approval of transactions sending funds to these two blockchains.

According to security firm SlowMist, the attacker has successfully extracted more than $55 million from bZx.

The project’s BZRX token price is plummeting after the news of the attack was confirmed.

BZRX token price movement at 11:10 PM on November 5, 2021, according to CoinMarketCap

This is the fourth time that bZx has been targeted. The three previous attacks all took place in 2020, with a total damage of nearly $9 million.

As of the end of October, DeFi attacks in 2021 have caused up to $1.4 billion in damage. In which, there are many projects that have recorded a huge amount of stolen funds such as Poly Network ($611 million), Compound ($148 million) or Cream Finance ($130 million).

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